Review Sheet Ex 2 Summer 2010

Review Sheet Ex 2 Summer 2010 - Accounting 3111...

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Accounting 3111 Intermediate Accounting I Review Sheet – Exam #2 (Chapters 4-6) Chapter 4 (I/S – Income Statement) Usefulness of I/S Limitations of I/S Formats of I/S Income Statements Sections and Flow (what comes before and after what) Know which expenses are classified as selling and which as administrative Irregular Item placement on I/S How and where are discontinued operations (2 things are disclosed) and extraordinary events shown? New guidance on Changes in Accounting Principles. How are they now accounted for? What is intra-period tax allocation and why is it used? Criteria for extraordinary item treatment What are acctg rules for changes in estimates? Earnings per share calculations and disclosures Comprehensive income definition and types of items shown as part of comprehensive income. Where do you find comprehensive income in the financial statements? Format for Statement of Stockholder’s Equity (p. 147) What are prior period adjustments? Which financial statement do they appear on? Are PPA’s shown net of tax? Can you prepare from scratch, without looking at a sample a multi-step I/S? Chapter 5 Usefulness of the B/S Limitations of the B/S Balance sheet classifications Elements of the balance sheet Current assets/liabilities and definition of
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This note was uploaded on 06/08/2010 for the course BUSINESS 3502 taught by Professor Drjo during the Spring '10 term at UCM.

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Review Sheet Ex 2 Summer 2010 - Accounting 3111...

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