MidtermReview

MidtermReview - BUSI 1001 Fall 2009 Mid Term Review Chapter 1 Re-do problems taken up in class Re-do PASS problems Re-do lyryx quiz Questions 2 8 9

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BUSI 1001 Fall 2009 Mid Term Review Chapter 1 - Re-do problems taken up in class - Re-do PASS problems - Re-do lyryx quiz - Questions 2, 8, 9, 12 and 13 - E1-7 Chapter 2 - Re-do PASS problems - Re-do lyryx quiz - Demonstration Case p. 74 - Question 3 - E2-13 and P2-3 Chapter 3 - Re-do problems taken up in class - Re-do PASS problems - Re-do lyryx quiz - Demonstration Case p. 125 - Self Study Quizzes p. 110, 112 and 117 – answers are on p.128 - P3-2 Chapter 4 - Re-do problems taken up in class - Re-do PASS problems - Re-do lyryx quiz - Demonstration Case p. 186 - Chapter 7 - Re-do problems taken up in class - Re-do PASS problems - Re-do lyryx quiz - Demonstration Cases A & B p. 369 & 370 - Self Study Quizzes p.350, p.354 & p. 360 – answers are on p.375 - E7-3, E7-13, E7-24, P7-10 Chapter 8 - Re-do problems taken up in class - Re-do PASS problems - Self Study Quizzes p. 414, p. 423 – answers are on p.435 - Demonstration Case A p. 429 - E8-10
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Chapter 1 ANSWERS TO QUESTIONS 2. Financial accounting involves preparation of the four basic financial statements and related disclosures for external decision makers. Reporting is generally on a quarterly and annual basis. Managerial accounting involves the preparation of detailed plans, budgets, forecasts, and performance reports for internal decision makers. Reporting is on an ongoing basis. 8. (a) The purpose of the income statement is to present information about the revenues, expenses, and the income of the entity for a specified period of time, in order to help assess its financial performance during that period. (b) The purpose of the balance sheet is to report the financial position of an entity at a given date, that is, to report information about the assets, obligations and shareholders’ equity of the entity as of a specific date. (c) The purpose of the cash flow statement is to present information about the flow of cash into the entity (sources), the flow of cash out of the entity (uses), and the net increase or decrease in cash during the period. (d) The statement of retained earnings reports the change in the earnings retained in the corporation for the period. This is the earnings for the period less any dividends declared during the period. The ending balance in the retained earnings accounts represents the cumulative amount of earnings for a corporation less all dividends declared since the inception of the corporation. 9. The income statement and the cash flow statement are dated “For the Year Ended December 31, 2008,” because they report the inflows and outflows of resources during a period of time. In contrast, the balance sheet is dated “As at December 31, 2008” because it represents the resources, obligations and shareholders’ equity as at a specific date, December 31, 2008. 12. The accounting equation for the income statement is Revenues - Expenses = Net
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This note was uploaded on 04/13/2010 for the course CA 1001 taught by Professor James during the Spring '06 term at Buffalo State.

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MidtermReview - BUSI 1001 Fall 2009 Mid Term Review Chapter 1 Re-do problems taken up in class Re-do PASS problems Re-do lyryx quiz Questions 2 8 9

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