Exam _1 Topics - Beginning balance +/- Net income/loss...

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Financial Reporting Exam #1 Topics
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Fundamentals/Conceptual  Framework Standard-setting bodies Conceptual framework Qualitative characteristics Reliability, relevance Recognition and measurement concepts Assumptions Principles (revenue recognition, matching) Constraints Conservatism, materiality
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Financial Statements Income Statement Balance Sheet Statement of Cash Flows Elements of the F/S Move towards Fair value
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Journal Entries Cash vs. accrual accounting Everyday bookkeeping entries Correct vs. incorrect Adjusting journal entries Accounting process
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Balance Sheet Proper classification of assets, liabilities  and stockholders’ equity accounts Statement of Retained Earnings
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Unformatted text preview: Beginning balance +/- Net income/loss dividends paid = ending balance of R/E Disclosures/Notes to F/S Auditors report Ratios current, quick, working capital, D/ E, Times interest earned Income Statement Properly formatted and classified, multi-step I/S. Operating income/expense vs. non-operating income/expense Separately reported items discontinued operations, extraordinary item Other irregular items unusual G/L, change in acctg principle, change in estimate IFRS vs. GAAP Statement of cash flows Indirect vs. direct method for presenting cash flows from operating activities Classifying cash flows Operating Investing Financing...
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Exam _1 Topics - Beginning balance +/- Net income/loss...

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