Final Review

Final Review - Transactions Analysis SO 7 Analyze the...

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2/11/11
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2/11/11 Transactions Analysis SO 7 Analyze the effects of business transactions on the accounting equation.
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2/11/11 Companies prepare four financial statements from the summarized accounting data: Balance Sheet Income Statement Statement of Cash Flows Retained Earnings Statement Financial Statements SO 8 Understand the four financial statements and how they are prepared.
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2/11/11 Financial Statements SO 8 Understand the four financial statements and how they are prepared. Income Statement Reports the revenues and expenses for a specific period of time. Net income – revenues exceed expenses. Net loss – expenses exceed revenues. Illustration 1-10 Financial statements and their interrelationships
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2/11/11 Financial Statements Net income is needed to determine the ending balance in retained earnings. Illustration 1-10 Financial statements and their interrelationships SO 8
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2/11/11 Financial Statements SO 8 Understand the four financial statements and how they are prepared. Statement indicates the reasons why retained earnings has increased or decreased during the period. Retained Earnings Statement Illustration 1-10 Financial statements and their interrelationships
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2/11/11 Financial Statements The ending balance in retained earnings is needed in preparing the balance sheet Illustration 1-10 Financial statements and their interrelationships SO 8 Understand the four financial statements and how they are prepared.
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2/11/11 Financial Statements SO 8 Understand the four financial statements and how they are prepared. Balance Sheet Illustration 1-10 Financial statements and their interrelationships
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2/11/11 Financial Statements Illustration 1-10 Financial statements and their interrelationships
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2/11/11 Summary of Debit/Credit Rules Relationship among the assets, liabilities and stockholders ’ equity of a business: The equation must be in balance after every transaction. For every Debit there must be a Credit . SO 2 Define debits and credits and explain their use in recording business transactions.
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2/11/11 Timing Issues SO 2 Explain the accrual basis of accounting. GAAP relationships in revenue and expense recognition Illustration 3-1
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2/11/11 Adjusting Entries for “Prepaid Expenses” SO 5 Prepare adjusting entries for deferrals. Adjusting entries for prepaid expenses Increases (debits) an expense account and Decreases (credits) an asset account. Illustration 3-4
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2/11/11 SO 5 Prepare adjusting entries for deferrals. Adjusting entries for unearned revenues Decrease (a debit) to a liability account and Increase (a credit) to a revenue account. Adjusting Entries for “Unearned Revenues” Illustration 3-10
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Made to record: Revenues earned and OR Expenses incurred in the current accounting period that have not been recognized through daily entries. SO 6
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This note was uploaded on 02/10/2011 for the course ENVSCI 101 taught by Professor Don'tremember during the Spring '11 term at Rutgers.

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Final Review - Transactions Analysis SO 7 Analyze the...

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