Exam 1 Study Guide

Exam 1 Study Guide - losses are known Subsequent Events The...

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Exam 1 Study Guide Problems: Classified Balance Sheet (other pages) Journal entries for transactions (pay attention to what account are being affected) Adjusting entries (one income statement account and one balance sheet account) Closing Entries 1. Revenues R/E 2. R/E Expenses 3. R/E Dividends Multiple Choice Debt Ratio = Total Liabilities / Total Assets Contingent Liabilities = Past activities or circumstances may give rise to possible future liabilities, although obligations do not exist on the balance sheet date. These potential claims that involve uncertainty as to possible
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Unformatted text preview: losses are known Subsequent Events The SEC requires large publicly traded companies to file financial statements within 60 days of fiscal year-end. Business continues during this subsequent period and events could have an impact upon the firms financial statements. These events are referred to in the accounting literature as subsequent events or post-balance sheet events...
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Exam 1 Study Guide - losses are known Subsequent Events The...

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