ACC3300 Study Guide for Final Revised Fall 2009

ACC3300 Study Guide for Final Revised Fall 2009 - •...

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ACC3300 Study Guide – Final Ch. 2 – Conceptual Framework Underlying Financial Accounting Objectives Qualitative Characteristics (Primary and Secondary) Elements Assumptions Principles Constraints Ch. 3 – Accounting Information System Terminology (pp. 68-69) Accounting Equation Debits and Credits T-Accounts Journal Entries Adjusting Journal Entries Closing Entries Ch. 4 – Income Statement and Related Information Usefulness of Income Statement Limitations of Income Statement Single-Step ( p. 135) v. Multiple-Step (p. 138) Summary of Irregular Items (p. 148) Income Statement (p. 151) Retained Earnings Statement (p. 151) Ch. 5 – Balance Sheet and Statement of Cash Flows Usefulness of Balance Sheet Limitations of Balance Sheet Classification in Balance Sheet Classified Balance Sheet (p. 190)
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Unformatted text preview: • Purpose of Statement of Cash Flows • Classification in Statement of Cash Flows Ch. 6 – Accounting and the Time Value of Money • Review Examples • Calculation of Bond Proceeds 1 Ch. 7 – Cash and Receivables • Bad Debt Expense (% of Sales, % of Accounts Receivable, Aging of Accounts Receivable) • Journal Entries – Note Issued at Face Value (pp. 332) and Zero-Interest-Bearing Note (pp. 332-333) • Secured Borrowing (p. 338) • Sale without Recourse (p. 340) • Sale with Recourse (p. 341) Ch. 8 – Valuation of Inventories: A Cost-Basis Approach • Periodic FIFO, LIFO, Average • Perpetual FIFO, LIFO, Average • Dollar-Value LIFO Ch. 9 – Inventories: Additional Valuation Issues • Lower-of-Cost-or-Market • Gross Profit Method • Conventional Retail 2...
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ACC3300 Study Guide for Final Revised Fall 2009 - •...

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