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Review for ACG 301 Exam #1 - • Full Disclosure •...

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Review for ACG 301 Exam #1 Here is the information you need to know … I am not kidding!! Chapter 1 Objective of financial reporting Securities Exchange Commission (SEC) Committee on Accounting Procedure (CAP) Accounting Principles Board (APB) FASB Generally Accepted Accounting Principles (GAAP) Expectations Gap Chapter 2 Conceptual Framework Objective of financial reporting Fundamental concepts: Relevance and Faithful Representation Enhancing quality: Verifiability, Comparability, Consistency, Timeliness Basic Elements Basic Assumptions Economic entity Going concern Monetary Unit Periodicity Basic Principles Revenue recognition Expense recognition (Matching)
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Unformatted text preview: • Full Disclosure • Constraints • Cost • Industry • Conservatism Chapter 3 • Accounting Information Systems • Debits/Credits • Accounting equation • Financial statements • Accounting Cycle • Analyze transactions • Journalize transactions • Post transactions • Trial balance • Adjusting entries • Adjusted trial balance • Prepare financial statements • Closing entries • Post closing trial balance • Financial Statements • Income Statement • Statement of Stockholder’s Equity (Retained Earnings) Format • 20 Multiple Choice • 2 Problems • Bring: #2 pencil and calculator • Balance Sheet • Statement of Cash Flows...
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Review for ACG 301 Exam #1 - • Full Disclosure •...

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