3_ Chpt 3 Lecture

Intermediate Accounting

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CHAPTER 3 LECTURE Chapter 3 provides a review of accounting procedures throughout the accounting cycle. I am assuming that all of you have completed at least one course in elementary accounting principles. Therefore, you should already be familiar with the mechanics of journalizing, posting, and preparing adjusting entries and financial statements, etc. An important objective of a review of these procedural details is to prepare you all: (1) to progress from mere memorization of required journal entries to an understanding of the entries' impact on the financial statements, and (2) to visualize the effect of errors (both the failure to record transactions and the improper recording of transactions) on the financial statements. We will also talk about accrual and cash basis accounting. Basic Terminology. Review the 11 terms defined on text page 63. That will help you to understand the basic terms in accounting in case if you have forgotten them. Double-Entry Accounting. The method was established in early days in Italy. Let’s review the mechanics of debits and credits.
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3_ Chpt 3 Lecture - CHAPTER 3 LECTURE Chapter 3 provides a...

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