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ACCT 2331 - U. Houston Study Resources
  • 8 Pages Old Exam Ron Lazer
    Old Exam Ron Lazer

    School: U. Houston

    Course: Financial Accounting

    ACCT 2331 Review Final Exam Dr. Ron Lazer Source: Old Exams 1.Which of the following is not a characteristic of Bonds? A. Payment of interest to bondholders is required B. They are not secured by any specific assets of the corporation C. Bondholders have

  • 7 Pages Course Project
    Course Project

    School: U. Houston

    Course: Financial Accounting

    ACCT2331: Internet Financial Statement Analysis Ratio Project November 2009 The goal of this assignment is for you to experience finding out relevant accounting and other information about a corporation as if you were an investor. You will find out that i

  • 5 Pages Review Questions from Lectures
    Review Questions From Lectures

    School: U. Houston

    Course: Financial Accounting

    Chapters 1-3 Questions From Lectures Dr. Ron Lazer Many organizations have contributed to the process of creating and/or using generally accepted accounting principles. Which of the following organizations has the primary responsibility today for formulat

  • 2 Pages 3366 HW2(1)-2
    3366 HW2(1)-2

    School: U. Houston

    Course: Financial Accountin

    3366 Homework 2 The trial balance of My Motor, Inc. on March 1, 20XX, lists the entitys assets, liabilities, and owners equity on that date. Account Title Cash Accounts receivable Accounts payable Common Stock Retained earnings Total Balance Debit Credit

  • 3 Pages Exam 1 Review
    Exam 1 Review

    School: U. Houston

    Course: Financial Accounting

    The entry to record the issuance of 1,000 shares of $1 par value common stock at $10 per share includes a: A) credit to Common Stock for $10,000. B) debit to Common Stock for $1,000. C) credit to Paid-in Capital in Excess of Par ValueCommon for $9,000. D)

  • 2 Pages quiz chpt 2 key (1)
    Quiz Chpt 2 Key (1)

    School: U. Houston

    Course: Financial Accounting

    NAME _ (1 point) PS# _ 1. (12 points) Journalize the following transactions for Laid back Law Inc. a. Performed legal services for a client on account for $7,800 on. Accounts Debit Credit Accounts Receivable 7,800 Service revenue 7,800 b. Received a cash

  • 2 Pages quiz 6 key
    Quiz 6 Key

    School: U. Houston

    Course: Financial Accounting

    QUIZ 6 ACCT 2331: NAME _ I PS#_ Answer the following questions true or false by putting a X in the T or F box T F F 35 points 1.In a corporation shareholders elect the chief executive officer. T (the CEO is appointed by the board of directors) 2.In a corp

  • 2 Pages quiz 3 chpt 4 5 key (2)
    Quiz 3 Chpt 4 5 Key (2)

    School: U. Houston

    Course: Financial Accounting

    NAME 1. (2 points)PS# The unadjusted trial balance of the Allowance for Uncollectable Accounts is a credit balance of $4,500, Net Credit Sales are $1,500,000, and the ending balance of Accounts Receivable is $330,000 A. If bad debts are estimated to be 2%

  • 1 Page Solution_Quiz#3_%28Ch4%29
    Solution_Quiz#3_%28Ch4%29

    School: U. Houston

  • 7 Pages Final exam Practice questions
    Final Exam Practice Questions

    School: U. Houston

    Course: Financial Accounting

    A2331 Final Exam- 33 More Practice Questions (additional to course compass) : 1. Which of the following is not a characteristic of debenture Bonds? A) payment of interest to bondholders is required B) they are not secured by any specific assets of the cor

  • 4 Pages A2331_Spring_Syllabus%20Revised
    A2331_Spring_Syllabus%20Revised

    School: U. Houston

    ACCOUNTING 2331 SYLLABUS SPRING 2011 (REVISED) COURSE OBJECTIVE: To investigate the accounting techniques and results in financial accounting and reporting. You will be introduced to the generally accepted accounting principles for financial reporting. RE

  • 1 Page The Financial Statements
    The Financial Statements

    School: U. Houston

    Course: FINANCIAL ACCT

    The Financial Statements Chapter 1 -Learning Objective 1 Use accounting vocabulary The Language of Business Measures business activities Processes data into reports Communicates results to financial statement users Users of Accounting Information Individu

  • 2 Pages Learning Objective Two
    Learning Objective Two

    School: U. Houston

    Course: FINANCIAL ACCT

    Learning Objective Two -Learn the underlying concepts, assumptions and principles of accounting Conceptual Foundations Accountings objective Enhancing Qualitative Characteristics Fundamental Qualitative Characteristics Constraints Assumptions & Principles

  • 1 Page Learning Objective Three
    Learning Objective Three

    School: U. Houston

    Course: FINANCIAL ACCT

    Learning Objective Three Apply the accounting equation to business organizations -Accounting Equation Elements Assets Economic resources Product future benefit Liabilities Outsider claims Debts payable to others (creditors) Owners equity Insider c

  • 2 Pages Learning Objective Four
    Learning Objective Four

    School: U. Houston

    Course: FINANCIAL ACCT

    Learning Objective Four Evaluate business operations The Financial Statements Income Statement Statement of Retained Earnings Cash Flow Statement Balance Sheet The Income Statement Also called the Statement of Operations Reports two main categories

  • 2 Pages Learning Objective Five
    Learning Objective Five

    School: U. Houston

    Course: FINANCIAL ACCT

    Learning Objective Five Use information in financial statements to make business decisions, which are informed by economic, legal and ethical guidelines Relationships between Financial Statements Income Statement For the year ended December 31, 2010 Reven

  • 3 Pages Chapter 7 review
    Chapter 7 Review

    School: U. Houston

    Course: FINANCIAL ACCT

    Chapter 7 Determining the cost of plant assets Capital expenditure or expense -Using 3 depreciation methods Change in estimate Accounting for disposal of plant assets Natural resources and depletion Intangible assets and amortization Accounting for Good

  • 3 Pages Chapter 6 review
    Chapter 6 Review

    School: U. Houston

    Course: FINANCIAL ACCT

    Chapter 6 2. The following statements regarding perpetual inventory and periodic inventory methods of handling merchandise are all correct except (choose one): a. A perpetual inventory method makes it unnecessary to take a physical count of inventory on

  • 3 Pages Exam 2 Review
    Exam 2 Review

    School: U. Houston

    Course: Financial Accounting

    Both the par value of the stock and the additional paid-in capital are part of: A) retained earnings. B) legal capital. C) paid-in capital. D) stated value. Answer: C The entry to record common stock issued at its par value includes a: A) debit to the Com

  • 2 Pages Exam 3 Review
    Exam 3 Review

    School: U. Houston

    Course: Financial Accounting

    Which statement below regarding treasury stock is TRUE? A) Treasury stock transactions have no effect on assets and equity. B) Purchasing treasury stock decreases assets and equity. C) Issuing treasury stock decreases assets and equity. D) Issuing treasur

  • 3 Pages Example Final
    Example Final

    School: U. Houston

    Course: Financial Accounting

    Unrealized gains and losses from available-for-sale investments arise from: A) the sale of the investment. B) changes in the market value of the investment. C) both the sale of the investment and changes in the market value of the investment. D) none of t

  • 5 Pages Internal Control and Cash
    Internal Control And Cash

    School: U. Houston

    Course: Financial Accounting

    Fraud is an intentional misrepresentation of facts, made for the purpose of persuading another party to act in a way that causes injury or damage to that party. Fraud is a huge problem and is getting bigger, not only in the United States, but across the g

  • 15 Pages Quiz 1 + Result
    Quiz 1 + Result

    School: U. Houston

    Course: Financial Accounting

    Are you ready? 1. Yes 2. More than ready 0% 0% Which business form limits the personal liability of its owner(s)? 1. Proprietorship 2. Partnership 3. Corporation 4. All of the above 0% 1 0% 2 0% 3 0% 4 Double taxation is a disadvantage associated with 1.

  • 5 Pages Plant Assets & Intangibles
    Plant Assets & Intangibles

    School: U. Houston

    Course: Financial Accounting

    Plant assets 1. Land 2. Buildings 3. Equipment 4. Furniture and Fixtures 5. Land Improvements 6. Natural Resources Intangible assets 1. Patents 2. Copyrights 3. Trademarks/trade names 4. Franchises/licenses 5. Goodwill Businesses use several types of long

  • 3 Pages Liabilities
    Liabilities

    School: U. Houston

    Course: Financial Accounting

    Current Liabilities Obligations due within one year Two types: Known amounts Estimated amounts Accrued Liabilities Result from expenses incurred but not yet paid Categories: Salaries and wages payable Interest payable Income taxes payable Payroll: Ma

  • 3 Pages Inventory and Cost of Goods Sold
    Inventory And Cost Of Goods Sold

    School: U. Houston

    Course: Financial Accounting

    Specific Unit Cost We know exactly what we paid for each chair and record faithfully inventory costed at specific price of the particular unit Straightforward for accounting but expensive to implement for most businesses Good for unique inventory items A

  • 3 Pages Short term investments and Receivables
    Short Term Investments And Receivables

    School: U. Houston

    Course: Financial Accounting

    Short term investments: Also called marketable securities Can be debt or stock of another company May earn interest or dividend Easily convertible into cash Expected to be held one year or less If categorized as trading security, it needs to be marked t

  • 3 Pages Stockholders’ Equity
    Stockholders’ Equity

    School: U. Houston

    Course: Financial Accounting

    Organizing a corporation Corporate organizers (incorporators) obtain a charter from the state Charter includes authorization to issue shares of stock Incorporators: Pay fees Sign the charter File documents with the state Agree to a set of bylaws Clas

  • 15 Pages Quiz 2 + Results
    Quiz 2 + Results

    School: U. Houston

    Course: Financial Accounting

    1 Channel66 1. Yes 2. no 98% 2% 2 Inaccrualaccounting,revenuesare recordedwhen: A.theyareearned. B.whencashis received. C.whentheorderis received. D.anyoftheabove occur. 0% 0% 0% 0% 3 Cashbasisaccounting: A.recordsrevenueswhen earned. B.recordsexpenseswhe

  • 6 Pages Accrual accounting
    Accrual Accounting

    School: U. Houston

    Course: Financial Accounting

    Accrual accounting records the impact of a business transaction as it occurs. When the business performs a service, makes a sale, or incurs an expense, the accountant records the transaction even if it receives or pays no cash. Chapter 3 focuses on accrua

  • 18 Pages Quiz 4 Results
    Quiz 4 Results

    School: U. Houston

    Course: Financial Accounting

    Channel 66 Choose your best answer 1. 2. Im ready for the quiz 80% Im not here 20% Depreciation: A. is a process of valuation that records the decline in market value of plant assets. B. sets aside cash to replace plant asset as they wear out. C. is a pro

  • 3 Pages The Income Statement & Statement of Stockholders’ Equity
    The Income Statement & Statement Of Stockholders’ Equity

    School: U. Houston

    Course: Financial Accounting

    Operating and other expenses Largest operating expenses include salaries, wages, utilities and supplies Lower the cost relative to sales, the more efficient Interest expense represents charges for borrowed money Interest revenue represents return earned

  • 15 Pages Quiz 3 Results
    Quiz 3 Results

    School: U. Houston

    Course: Financial Accounting

    Quiz 3 Channel 66 How ready are you for the quiz? 69% 1. 2. Perfectly ready Only need one deep breath 31% Trading securities are reported on the balance sheet at: 71% A. Purchase price. B. market value. C. net realizable value. D. book value. 11% 16% 2% A

  • 3 Pages Practice Test 3
    Practice Test 3

    School: U. Houston

    Course: Financial Accounting

    Legal capital is the: A) amount owed to owners. B) amount owed to creditors. C) par value of authorized stock. D) par value of stock issued. Answer: D The amount of stockholders equity that the corporation has earned through profitable operation of the bu

  • 2 Pages Practice Test 2
    Practice Test 2

    School: U. Houston

    Course: Financial Accounting

    The constitution for governing a corporation is its: A) charter. B) bylaws. C) stockholders. D) articles of incorporation. Answer: B The chairperson of the board of directors has the title of: A) President. B) Chief Executive Officer (CEO). C) Chief Finan

  • 2 Pages Practice Test 1
    Practice Test 1

    School: U. Houston

    Course: Financial Accounting

    Which of the following is NOT an advantage of forming a corporation as compared to organizing as a partnership or proprietorship? A) Ease of transferring ownership B) Limited taxation C) Limited liability of stockholders D) Corporation is separate legal e

  • 3 Pages Final Review
    Final Review

    School: U. Houston

    Course: Financial Accounting

    Which of the following statements regarding the retirement of stock is INCORRECT? A) Retiring stock decreases the corporation's outstanding stock. B) When retiring stock, the corporation removes the balances from all paid-in capital accounts related to th

  • 3 Pages Final Practice Test
    Final Practice Test

    School: U. Houston

    Course: Financial Accounting

    High Times Corporation owns 300 shares of Low Tide Companys common stock. Low Tide has 1,000,000 shares of common stock outstanding. High Times Corporation is the: A) investor. B) investee. C) parent company. D) controlling company. Answer: A High Times C

  • 4 Pages Chapter 5 review questions
    Chapter 5 Review Questions

    School: U. Houston

    Course: FINANCIAL ACCT

    Chapter 5 Account for short term investments Account for and control of accounts receivable Using the allowance method for uncollectible accounts % of sales method Aging accounts receivable method Two ratios Quick or acid test ratio Days sales in receiva

  • 2 Pages Chapter 4 review qs
    Chapter 4 Review Qs

    School: U. Houston

    Course: FINANCIAL ACCT

    Chapter 4 1 Which of the following is a requirement of the Sarbanes-Oxley Act? a) The outside auditor must issue an internal control report for each public company, and the Public Company Oversight Board evaluates the client's internal controls. b) The P

  • 2 Pages Chapter 3
    Chapter 3

    School: U. Houston

    Course: FINANCIAL ACCT

    Chapter 3 Periodicity measuring performance Cash versus accrual accounting Recognizing revenue when it is earned Matching principle for expenses 5 types of adjusting entries -To achieve proper recognition of revenue and matching of expenses. Adjusted tri

  • 5 Pages EXAM # Review Lazer Lectures
    EXAM # Review Lazer Lectures

    School: U. Houston

    Course: Financial Accounting

    1) The recording of cost of goods sold along with sales revenue is an example of the matching principle. Chapters 4-7 Questions From Lectures Dr. Ron Lazer 1. True 2. False 4) A company's net sales revenue is $25,000,000. Its cost of goods sold is $15,000

  • 6 Pages Lu Old Quizzes
    Lu Old Quizzes

    School: U. Houston

    Course: Financial Accounting

    Reminders Exam 1 Review Questions Dr. Ron Lazer Source: Dr. Lus Old Quizzes 1. Sat., Sep 26, 1:00 pm, Rooms 150, 170 & 180, length: 75 minutes, or 2. Fri., Sep. 25, 1:00 pm, Room 160, 75 minutes (sign at the lab 133MH) 3. Alternate seating! 4. Be sure to

  • 5 Pages Old Exams Review
    Old Exams Review

    School: U. Houston

    Course: Financial Accounting

    Reminders Exam 1 Review Questions Dr. Ron Lazer Source: Old Exams 1. Sat., Sep 26, 1:00 pm, Rooms 150, 170 & 180, length: 75 minutes, or 2. Fri., Sep. 25, 1:00 pm, Room 160, 75 minutes (sign at the lab 133MH) 3. Alternate seating! 4. Be sure to bring: A.

  • 2 Pages Preseent Value Exercises
    Preseent Value Exercises

    School: U. Houston

    Course: Financial Accounting

    General Instructions Present Value Exercises Dr. Ron Lazer Use PV and PVA tables from appendix C. Assume all amounts are compounded annually unless specific instructions are given. Present Value Concepts Question 1 Determine the present value of $1,000 du

  • 1 Page future & Present Value Tables
    Future & Present Value Tables

    School: U. Houston

    Course: Financial Accounting

    ACCT 2331 - Dr. Ron Lazer Future Value of $1.00 n 3% 3.5% 1 1.030 1.035 2 1.061 1.071 3 1.093 1.109 4 1.126 1.148 5 1.159 1.188 6 1.194 1.229 7 1.230 1.272 8 1.267 1.317 9 1.305 1.363 10 1.344 1.411 11 1.384 1.460 12 1.426 1.511 13 1.469 1.564 14 1.513 1.

  • 4 Pages Chapter 11
    Chapter 11

    School: U. Houston

    Course: Financial Accounting

    Chapter 11 Stockholders Equity (cont.) Dr. Ron Lazer Financial Accounting GAAP The Accounting Information System Financial Statements Balance Sheet Income Statement Statement of Stockholders Equity Ron Lazer, Ph.D. Dr. Ron Lazer Chapter 11 Page 1 Income T

  • 34 Pages Chapter 9
    Chapter 9

    School: U. Houston

    Course: Financial Accounting

    Chapter 9 Stockholders Equity Dr. Ron Lazer Quiz Eight Date: TBA Content: Chapters 9 & 11 (specific instructions will be provided during class) Allowed material: 4 function calculator Ron Lazer, Ph.D. Dr. Ron Lazer Chapter 9 Page 1 Financial Accounting GA

  • 23 Pages Chapter 8 - Part 3
    Chapter 8 - Part 3

    School: U. Houston

    Course: Financial Accounting

    Chapter 8: Liabilities Part 3 Bonds Dr. Ron Lazer Quiz Seven Date: Tuesday, November 17th, 2009 Content: Chapter 8 (specific instructions will be provided during class) Allowed materials: 4 function calculator FV, PV, and PVA tables (provided) Ron Lazer,

  • 14 Pages Chapter 8 - Part 2
    Chapter 8 - Part 2

    School: U. Houston

    Course: Financial Accounting

    Chapter 8: Liabilities Part 2 Present Value Concepts Appendix C Dr. Ron Lazer Class case In order to develop his business, Dan decided on 1/1/09 to apply for a loan from Best Bank. Reviewing the business plan prepared by Dan, the loan officer estimates th

  • 8 Pages Chapter 8 - Part 1
    Chapter 8 - Part 1

    School: U. Houston

    Course: Financial Accounting

    Chapter 8: Liabilities Part 1 Current Liabilities Dr. Ron Lazer 1 Financial Accounting GAAP (Generally Accepted Accounting Principles) The Accounting Information System Financial Statements Balance Sheet Income Statement Ron Lazer, Ph.D. ACCT 2331 Dr. Laz

  • 32 Pages Chapter 7
    Chapter 7

    School: U. Houston

    Course: Financial Accounting

    Chapter 7: Plant Assets & Intangibles Dr. Ron Lazer Sixth Quiz Date: To be announced in class Content: Chapter 7 (specific instructions will be provided during class) Ron Lazer, Ph.D. Chapter 6 Page 1 Financial Accounting GAAP The Accounting Information S

  • 48 Pages Chapter 6
    Chapter 6

    School: U. Houston

    Course: Financial Accounting

    Chapter 6: Inventory & Cost of Goods Sold Dr. Ron Lazer Fall 2009 Fifth Quiz Date: Thursday, October 22nd, 2009 Content: Chapter 6 (specific instructions will be provided during the next classes) Allowed material: 4 function calculator Ron Lazer, Ph.D. Dr

  • 39 Pages Chapter 5
    Chapter 5

    School: U. Houston

    Course: Financial Accounting

    Chapter 5: ShortTerm Investments & Receivables Dr. Ron Lazer Fall 2009 1 Fourth Quiz Date: Thursday, October 8th, 2009 Content: Chapters 4&5 (specific instructions will be provided during the class) Allowed material: 4 function calculator Ron Lazer, Ph.D.

  • 12 Pages Chapter 4
    Chapter 4

    School: U. Houston

    Course: Financial Accounting

    Chapter 4: Internal Control & Cash Dr. Ron Lazer Fall 2009 1 Financial Accounting GAAP (Generally Accepted Accounting Principles) The Accounting Information System Financial Statements Balance Sheet Ron Lazer, Ph.D. Dr. Ron Lazer Chapter 4 Page 1 Chapter

  • 13 Pages chapter 3
    Chapter 3

    School: U. Houston

    Course: Financial Accounting

    Third Quiz Chapter 3: Accrual Accounting & Income Dr. Ron Lazer Fall 2009 Tuesday, September 22nd, 2009 Content: Chapter 3 (specific instructions will be provided during class) Allowed material: 4 function calculator Ron Lazer, Ph.D. Financial Accounting

  • 15 Pages Chapter 1+2
    Chapter 1+2

    School: U. Houston

    Course: Financial Accounting

    Chapters 1 & 2 (Part 2): The Financial Statements & Transaction Analysis Dr. Ron Lazer Fall 2009 Second Quiz Thursday, September 10th, 2009 Content: Chapters 1&2 part 2 (specific instructions will be provided during class) Allowed material: 4 function cal

  • 8 Pages EXAM # Review
    EXAM # Review

    School: U. Houston

    Course: Financial Accounting

    Exam 2 Review Questions Dr. Ron Lazer Source: Dr. Lus Quizzes 1. During periods of rising purchase prices, this cost flow assumption produces the highest reported net income. a. FIFO b. LIFO c. Weighted average d. All of the above 2. The correct equation

  • 4 Pages EXAM 2 Review Previous Exams
    EXAM 2 Review Previous Exams

    School: U. Houston

    Course: Financial Accounting

    Exam 2 Review Questions Dr. Ron Lazer Source: Old Exams 1. The following statements regarding perpetual inventory and periodic inventory methods of handling merchandise are all correct except: a. A perpetual inventory method makes it unnecessary to take a

  • 2 Pages Chapter 2
    Chapter 2

    School: U. Houston

    Course: FINANCIAL ACCT

    Chapter 2 Effects of transactions or changes on the accounting equation. Transactions analysis, which accounts are affected Accounting equation must be maintained. Accounting systems Debits and credits Account Titles & Normal balances of accounts Jou

  • 3 Pages Chapter 1
    Chapter 1

    School: U. Houston

    Course: FINANCIAL ACCT

    Chapter 1 Financial accounting and institutional environment. Corporations: owners = stockholders Accounting principles, concepts and assumptions Accounting equation. Assets = liabilities + owners equity Owners equity = common stock + retained earnings

  • 86 Pages warren_sm_ch.06_final
    Warren_sm_ch.06_final

    School: U. Houston

    Course: Financial Accounting

    CHAPTER 6 ACCOUNTING FOR MERCHANDISING BUSINESSES EYE OPENERS 1. Merchandising businesses acquire merchandise for resale to customers. It is the selling of merchandise, instead of a service, that makes the activities of a merchandising business different

  • 58 Pages Warren SMChap15
    Warren SMChap15

    School: U. Houston

    Course: Financial Accounting

    CHAPTER 15 FINANCIAL STATEMENT ANALYSIS EYE OPENERS 1. Horizontal analysis is the percentage analysis of increases and decreases in corresponding statements. The percent change in the cash balances at the end of the preceding year from the end of the curr

  • 44 Pages Warren SMChap14
    Warren SMChap14

    School: U. Houston

    Course: Financial Accounting

    CHAPTER 14 STATEMENT OF CASH FLOWS EYE OPENERS 1. It is costly to accumulate the data needed. 2. It focuses on the differences between net income and cash flows from operating activities, and the data needed are generally more readily available and less c

  • 38 Pages Warren SMChap11
    Warren SMChap11

    School: U. Houston

    Course: Financial Accounting

    CHAPTER 11 CORPORATIONS: ORGANIZATION, STOCK TRANSACTIONS, AND DIVIDENDS EYE OPENERS 1. Each stockholders liability for corporation debts is limited to the amount invested in the corporation. A corporation is responsible for its own obligations; therefore

  • 32 Pages Warren SMChap09
    Warren SMChap09

    School: U. Houston

    Course: Financial Accounting

    CHAPTER 9 FIXED ASSETS AND INTANGIBLE ASSETS EYE OPENERS 1. a. Tangible b. Capable of repeated use in the operations of the business e. Long-lived 2. a. Property, plant, and equipment b. Current assets (merchandise inventory) 3. Real estate acquired as sp

  • 46 Pages Warren SMChap08
    Warren SMChap08

    School: U. Houston

    Course: Financial Accounting

    CHAPTER 8 RECEIVABLES EYE OPENERS 1. Receivables are normally classified as (1) accounts receivable, (2) notes receivable, or (3) other receivables. 2. Transactions in which merchandise is sold or services are provided on credit generate accounts receivab

  • 42 Pages Warren SMChap06
    Warren SMChap06

    School: U. Houston

    Course: Financial Accounting

    CHAPTER 6 INVENTORIES EYE OPENERS 1. The receiving report should be reconciled to the initial purchase order and the vendors invoice before recording or paying for inventory purchases. This procedure will verify that the inventory received matches the typ

  • 38 Pages Warren SMChap03
    Warren SMChap03

    School: U. Houston

    Course: Financial Accounting

    CHAPTER 3 THE ADJUSTING PROCESS EYE OPENERS 1. a. Under cash-basis accounting, revenues are reported in the period in which cash is received and expenses are reported in the period in which cash is paid. b. Under accrual-basis accounting, revenues are rep

  • 52 Pages Warren SMChap01
    Warren SMChap01

    School: U. Houston

    Course: Financial Accounting

    CHAPTER 1 INTRODUCTION TO ACCOUNTING AND BUSINESS EYE OPENERS 1. The objective of most businesses is to earn a profit. Profit is the difference between the amounts received from customers for goods or services provided and the amounts paid for the inputs

  • 45 Pages un_ch02
    Un_ch02

    School: U. Houston

    Course: Financial Accounting

    CHAPTER 2 ANALYZING TRANSACTIONS CLASS DISCUSSION QUESTIONS 1. An account is a form designed to record changes in a particular asset, liability, stockholders equity, revenue, or expense. A ledger is a group of related accounts. 2. The terms debit and cred

  • 11 Pages Accounting Chapter 1 Part 2
    Accounting Chapter 1 Part 2

    School: U. Houston

    Course: Financial Accounting

    FINANCIAL ACCOUNTING CLASS NOTES FOR CHAPTER 1 Part 2 1. Financial Statements Review 2. Concepts and Principles and Principles 3. Accounting standards and the accounting profession 4. Statement of retained earnings and relations between statements. 5. Dem

  • 9 Pages Accounting Chapter 1
    Accounting Chapter 1

    School: U. Houston

    Course: Financial Accounting

    FINANCIAL ACCOUNTING NOTES FOR CHAPTER NOTES FOR CHAPTER 1 By Bob Milbrath TOPICS: TYPES OF BUSINESS ORGANIZATIONS THE ACCOUNTING EQUATION CORPORATIONS AND FINANCIAL ACCOUNTING ANALYZING BUSINESS TRANSACTIONS FINANCIAL REPORTING AND FINANCIAL REPORTING A

  • 4 Pages Review Questions from Lecture
    Review Questions From Lecture

    School: U. Houston

    Course: Financial Accounting

    1. Liabilities: Chapters 8, 9 & 11 Questions From Lectures Dr. Ron Lazer 1. Are obligations 2. Require a probable future sacrifice of economic benefits. 3. Are a result of past transactions or events. 4. All of the above 2. Which of the following occurs w

  • 6 Pages Final Exam Review Dr Lu
    Final Exam Review Dr Lu

    School: U. Houston

    Course: Financial Accounting

    Final Exam Review Questions Dr. Ron Lazer Source: Dr. Lus Quizzes 1. Graham Inc., issued bonds on 1/1/Year 1, which mature in 10 years. The firm issued the bonds at a premium. Over the 10-year term of the bond issue, Graham will record A. Increasing amoun

  • 33 Pages Chapter 1
    Chapter 1

    School: U. Houston

    Course: Financial Accounting

    Chapters 1 & 2 (Part 1): The Financial Statements & Transaction Analysis Dr. Ron Lazer Fall 2009 Reminder - First Quiz Date: Thursday, September 3rd, 2009 Content: Notes part 1 (specific instructions will be provided in class) Allowed material: 4 function

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