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Unformatted text preview: Chapter 4 Understand how prior period adjustments are accounted for and reported. Understand items/events that impact a companys retained earnings balance. Understand what comprehensive is (in general) and how (the three ways) it can be reported. Chapter 5 Understand balance sheet terminology such as current, noncurrent, working capital, liquidity. Be able to identify typical/common asset, liability, and equity accounts. Be able to prepare a statement of cash flows using the indirect method. Chapter 6 Understand the concept of present value. Be able to calculate the present value of future cash flows. Chapter 7 Understand how to account for and report on sales discounts. Be able to calculate bad debt expense using the % of sales approach and the % of receivables approach. Be able to figure out ANY amount related to accounting for ARs the beginning balance, credit sales, collections, write-offs, subsequent collections of ARs previously written off,...
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- Spring '10