study_guide_test+1_2011

study_guide_test+1_2011 - FOR the TEST (Highlights not...

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FOR the TEST (Highlights – not complete – items omitted only if specifically announced) Chapters 1 to 4 Big Problem is like class examples Income Statement, Statement of RE, Balance Sheet (all the points) The four financial statements and their purpose What is on each one What do the main areas of the cash flow mean (O,I, F) Partnership, Corp, Sole Proprietor Annual Report: Notes – policies, contents included, additional info, Opinion Using the statements Principles Separate entity Cost Monetary Unit Revenue Matching Conservatism Accrual Accounting Relevant, Reliable, Consistent, Comparable Material Going Concern GAAP PCAOB FASB IASB SEC Sarbanes Oxley – main point Definition Asset, Liability, Revenue, Expense Where do you find them – what statement – where do you find Unearned Revenue? What kind of account is it? What kind of account is Cost of Goods Sold? Prepaid Expenses? Current vs. Long Term (used or turned into cash within 12 mos (CA) or debts that will be paid within 12
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study_guide_test+1_2011 - FOR the TEST (Highlights not...

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