AC 321 Intermediate Acct
Financial Accounting and
(1) the identification, measurement, and
communication of financial information
(2) about economic entities (each business)
(3) to interested parties. (investor
Associate Level Material
How Retirement Planning Fits within your Financial Planning
You want to know how long your retirement money will last. Who doesn't? But first you must
tackle an even tougher question: how long will you live? Ah, if we only knew. B
Associate Level Material
Concern about Retirement Benefits
Woman: People of my generation have pretty much reconciled with the fact that we're not going
have Social Security.
Chris Farrell: And it's no surprise she's feeling that way. After all, many comm
WK9 DQ2 PF
At what age do you hope to retire? How do you plan to incorporate your retirement in your personal
I honestly have no idea at what age I plan on retiring. I don't have a retirement plan set up or have any
investments. I do have
Review the Reasons for Having a Will video, located at the following link:
Acelas aging parents own a house and a car. Acela is currently living in the house with her
Associate Level Material
Example of Company
The function of auto insurance is to
protect yourself, your car and other
peoples bodies, vehicles and
WK7 DQ4 PF
Geraldo works full-time to take care of his family. His wife, Marina, stays home to take care of their two
young children. What kind of insurance coverage should Geraldo and Marina have for their family?
I think that this question
Wk7 DQ3 FP
If you own your car or house and are no longer making payments, should you still have insurance on
them? Explain why or why not.
For me, the answer is yes. I do have a car that is completely paid off; however, I still have auto insurance.
WK 7 DQ 1 PF
What does it mean to have insurance? Choose two types of insurance (auto, home, health, disability, or
life insurance) and identify one characteristic of each.
Having insurance means you are contracted with a financial institute (which is the
Wk7 DQ2 FP
Angie is considering the options for deductibles on her auto insurance. She can save $150 a
year by switching from a $500 to a $1,000 deductible. What is a deductible? What does this
mean if Angie has a car accident?
In an insurance policy, the
Wk6 DQ 1 PF
Refer to Figure 7-1 of Personal Finance. Why is it important to go through these steps when you
are planning on making a large purchase?
It is important to go through the steps in 7.1 of our reading material when making large
purchases, such a
Wk6 DQ5 Personal Finance
Review Purchase vs. Lease Decision. Imagine you need a new car. Input the amount you can
spend in the Buy vs. Lease Calculator. Review the results and discuss the advantages and
disadvantages of buying vs. leasing a vehicle.
WK 6 DQ 2 PF
Refer back to Section 6.1.1 of Personal Finance. Discuss one of the risks of a variable rate loan.
My Answer: One of the risks of a variable rate loan is that the interest rate will increase and therefore,
the money you have borrowed will see
Income Statement and Related Information
reports the financial performance of an entity for a
given period of time
is used by external users to determine profitability,
investment value and creditworthine
LO2 CH 7: Cash equivalents
Tallent Corporation had the following account balances at December 31, 2006:
Cash on hand and in banks
Cash legally restricted for additions to plant
(expected to be disbursed in 2008)
Bank certificates of de
AC321 Intermediate Acct
Conceptual Framework Underlying
Question 1: What is a conceptual frame work?
A conceptual framework is a coherent system
of interrelated objectives and fundamentals
that can lead to consistent standar
The accounting cycle is the process of identifying and recording transactions into the accounting system, reporting
financial information, and preparing the accounting system to record transactions for the next accounting period.
(Elements of Financial Statements)
Ten interrelated elements that are most directly related to measuring the performance and financial
status of an enterprise are provided below.
Distributions to owners
CH08 exercise to determine CGS and Ending Inventory values (taken from Kieso Intermediate p415 BE85, BE8-6, BE8-7)
April 2010 inventory information for Amsterdam Company is as follows:
April 1 Balance
April 15 Purchased
April 16 Sold
April 23 Purchased
Note: Acquisition (purchase) cost and cost to make a purchased intangible ready for use are capitalized into the asset.
Trademark or trade
a word, phrase, or symbol that
distinguishes or identifies a part
AC321-02 Intermediate Accounting I
Wednesday, Dec 14, 2011, at 10 am
CHAPTER 13: Current Liabilities and Contingencies
Liabilities, Current and Long-term
Types of current liabilities
1. The information provided by financial reporting pertains to
individual business enterprises, industries, and an economy as a whole, rather than to members
of society as consumers.
individual business enterprises, rather than to industries or an economy
Wk6 DQ 4 Personal Finance
Refer to Section 7.4, 7.5, and 7.6 of Personal Finance. List three steps in buying a home. What
are some important points to consider in your purchase?
The three important steps I would take in purchasing a home would be to find
Wk6 DQ3 Personal Finance
Review Decision to Own a Home vs. Rent. Discuss the advantages and disadvantages of renting a home
Well, from what research I have done, sometimes, the mortgage is cheaper than paying rent-for first
time buyers anyway.
Foundation to Personal Finance
Review p. 113 of Personal Finance and list the five Cs of credit. Provide a brief description of each.
The five C's I learned about in our reading material are: