ACG 3131 Test 2 C hapters 3-5 Study Guide

ACG 3131 Test 2 C hapters 3-5 Study Guide - 7 What are...

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ACG 3131 Test 2             Chapters 3-5 Study Guide 1.  Be able to compute total assets (current and long term), total liabilities (current and long  term), retained earnings, and stockholders’ equity. 2. Review preparation of trial balances-how many are there, what are they and how must  they be prepared. 3. Review adjusting entries-both accrual and deferral and understand the purpose of  adjusting entries and the concept of accrual vs deferral-when is cash involved and  impact on financials. 4. Reversing entries-what are they, how and w hen used.   5. Understand the accounting equation and how entries affect the equation. 6. Cash to accrual method of accounting-be able to compute revenues and expenses
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Unformatted text preview: 7. What are extraordinary items, discontinued items vs items shown as part of continuing operations and how are they shown on the income statements. 8. What are prior period adjustments and how do they affect the financial statements. 9. Computation of earnings per share. 10. What is comprehensive income, working capital, free cash flow and cash debt coverage ratio. 11. What is a statement of cash flows, what sections are in a cash flows statement and recognize those items that go into each section. Be able to work cash flows statements....
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