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

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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 firm’s financial statements. • These events are referred to in the accounting literature as subsequent events or post-balance sheet events...
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This note was uploaded on 12/14/2011 for the course BA 264 taught by Professor Vandrgt during the Spring '11 term at Grand Rapids Community College.

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

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