study and review guide

study and review guide - ACCT 301 Study and Review Guide...

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ACCT 301 Study and Review Guide Note to students: This outline represents the summary of minimal basic concepts which will be covered in Acct 301 exams. An instructor reserves the right to expand the coverage as the semester progresses. It is students’ responsibility to keep track of any additional coverage by attending lectures, reading lecture notes and the textbook. The instructor will make the best possible effort to address all of these concepts in lecture. However, students should also note that, given the lecture time constraints, not every concept will be necessarily discussed in class. In such cases, it is students’ responsibility to learn the material from textbooks and/or lecture notes. In preparation for exams, this outline should serve as a basic map of topics the students should ensure they must know. Knowing the material implies that students should be able to do comprehensive problems on the subjects below and be able to answer critical thinking questions related to those subjects. Chapter 1 Understand where basic economic demand for accounting information comes from (external users need information to make informed decisions.) Know the structure of basic four financial statements: o Balance sheet o Income statement o Statement of Cash Flows o Statement of Retained Earnings Know basic accounting equation: A=L+SE o Know the differences between current and non-current assets, current and non-current liabilities. Know which balance sheet accounts fall into which category. Know basic income statement equation: NI=Revenues-Expenses+Gains-Losses. Understand the differences between revenues and gains, and expenses and losses. Understand how to calculate after-tax net income Know basic retained earnings equation: Ending Retained Earnings=Beginning Retained Earnings + Net Income-Dividends Know basic structure of Statement of Cash Flows: Cash=CFO+CFI+CFF. (How to prepare a cash flow statement is covered in chapter 13.) Know what notes to financial statements describe
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Understand what is meant by GAAP. Know what is meant by IFRS Know roles and definitions of different accounting authoritative bodies: SEC, FASB, IASB, PCAOB Understand where demand for auditing comes from (investors would like to have verifiable information which can be trusted).
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