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Financial Accounting Review

Classified Balance Sheet Practice

February 9, 2018 accta

Account Balances Practice Questions Based on the information in the above, provide the answers to the following questions. (1) What is the amount of total

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Financial Accounting Review

The Objective of Accounting

February 9, 2018 accta

Accounting provides information about the business activities to users for their use in decision making. Information provided by accounting helps users make informed decisions about

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Financial Accounting Review

Users of Accounting Information

February 9, 2018 accta

Accounting information is used by external users and internal users. External users include investors, creditors, customers, suppliers, employees and government. Internal users include the management,

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Financial Accounting Review

Generally Accepted Accounting Principles (GAAP)

February 9, 2018 accta

Financial accounting information is reported in accordance with the accounting standards. The accounting standards represent a set of principles generally accepted by the accounting profession

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Financial Accounting Review

Characteristics of Useful Information

February 9, 2018 accta

The Conceptual Framework for Financial Reporting jointly issued by the IASB and FASB defines the relevance and faithful representation as the primary characteristics of useful

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Financial Accounting Review

Assumptions of Financial Reporting

February 9, 2018 accta

Financial statements are prepared based on the following underlying assumptions: Economic entity assumption Business operations can be reported for an entity which is separate from

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  • Accounting Questions Video: Liability accounts have normal balances on the credit side [1]
  • Accounting Questions Video: Asset accounts have normal balances on the debit side [1]
  • Accounting Questions Video: Debit side and Credit side of a Journal Entry [1]
  • Journal Entry Review Questions 5
  • Journal Entry Review Questions 4
  • Journal Entry Review Questions 3
  • Journal Entry Review Questions 2
  • Journal Entry Review Questions 1
  • Cash dividend
  • Common stock
  • Borrowings
  • Sale of noncurrent assets
  • Depreciation
  • Purchase of noncurrent assets
  • Unearned revenue
  • Prepaid expenses
  • Accounts receivable
  • Merchandise transactions
  • Debits and credits
  • Treasury stock
  • Stock dividend
  • Cash dividend
  • Issuance of common stock
  • Repayment of bonds payable
  • Issuance of bonds payable
  • Income taxes payable
  • Salaries payable
  • Notes payable
  • Accounts payable
  • Goodwill
  • Sale of equipment
  • Depreciation
  • Purchase of equipment
  • Allowance for doubtful accounts
  • Notes receivable
  • Assets
  • Accrued revenue
  • Unearned revenue
  • Accrued expenses
  • Prepaid expenses
  • Gross profit
  • Cost of goods sold
  • Sale of merchandise
  • Purchase of merchandise
  • What does a journal entry look like when cash is paid?
  • What does a journal entry look like when cash is received?
  • When does a journal entry balance?
  • On which side do assets, liabilities, equity, revenues and expenses have normal balances?
  • Which transactions are recorded on the credit side of a journal entry?
  • Which transactions are recorded on the debit side of a journal entry?
  • What are the components of the accounting equation?
  • What are debits and credits?
  • What is a journal entry in accounting?
  • What are the key financial ratios to analyze the activity of an entity?
  • What are the key financial ratios for profitability analysis?
  • What are the key financial ratios used in business analysis?
  • What are the key financial ratios to analyze the activity of an entity?
  • What are the key financial ratios for profitability analysis?
  • What are the key financial ratios used in business analysis?
  • Owner’s Equity Journal Entry Example 21
  • Journal entries to record inventory transactions under a perpetual inventory system
  • Journal entries to record inventory transactions under a periodic inventory system
  • Property, plant and equipment (PP&E)
  • Noncurrent assets
  • Lower of Cost or Market (LCM)
  • Liabilities
  • Inventory Recording Systems
  • Inventory Analysis
  • Equity Transactions
  • Disposal of Property, Plant and Equipment
  • Depreciation Methods
  • Cost of Inventory
  • Cost Flow Assumptions
  • Classification of Inventory
  • Lower of Cost or Market (LCM)
  • Property, Plant and Equipment, ASC 360
  • Real Estate Sales, ASC 360
  • Intangibles Other than Goodwill, ASC 350
  • Derivatives and Hedging, ASC 815
  • Research and Development Arrangements, ASC 730
  • Research and Development, ASC 730
  • Nonmonetary Transactions, ASC 845
  • Interest, ASC 835
  • Imputation of Interest, ASC 835
  • Distinguishing Liabilities from Equity, ASC 480
  • Fair Value Measurements and Disclosures, ASC 820
  • List of updates to the codification topic 820
  • Exit or Disposal Cost Obligations, ASC 420
  • Website Development Costs, ASC 350
  • Defined Benefit Plans: Pension, ASC 715
  • Financial Instruments, ASC 825
  • Internal-Use Software, ASC 350
  • Costs of software to be sold, leased, or marketed, ASC 985
  • Revenue Recognition, ASC 605
  • Revenue Recognition: SEC Staff Accounting Bulletin Topic 13, ASC 605
  • Leases, ASC 840
  • Operating Leases, ASC 840
  • Sale-Leaseback Transactions, ASC 840
  • Sale of Financial Assets, ASC 860
  • Servicing Assets and Liabilities, ASC 860
  • Subsequent Events, ASC 855
  • Stock Dividends, Stock Splits, ASC 505
  • Treasury Stock, ASC 505
  • Foreign Currency Matters, ASC 830
  • Foreign Currency Transactions, ASC 830
  • Translation of Financial Statements, ASC 830
  • Contingencies, ASC 450
  • Loss Contingencies, ASC 450
  • Gain Contingencies, ASC 450
  • Consolidation, ASC 810
  • Consolidation, Noncontrolling Interests, ASC 810
  • Consolidation, Variable Interest Entities, ASC 810
  • Compensation: Stock Compensation, ASC 718
  • Capitalization of Interest, ASC 835
  • Capital Leases, ASC 840
  • Business Combinations, ASC 805
  • Asset Retirement and Environmental Obligations, ASC 410
  • Journal entry to record the collection of accounts receivable previously written-off
  • Journal entry to record the write-off of accounts receivable
  • Journal entry to record the estimated amount of accounts receivable that may be uncollectible
  • Journal entry to record the collection of accounts receivable
  • Goodwill and Other, ASC 350
  • Capitalized Advertising Costs, ASC 340
  • Inventory, ASC 330
  • Investments-Debt and Equity Securities, ASC 320
  • Transfers of Securities: Between Categories, ASC 320
  • Overview of Investments in Other Entities, ASC 320
  • Cost Method Investments, ASC 325
  • Equity Method, ASC 323
  • Investments: Equity Method and Joint Ventures, ASC 323
  • Investments in Debt and Equity Securities, ASC 320
  • Receivables, ASC 310
  • Notes Receivable
  • Accounts Receivable
  • Bank Reconciliation
  • Cash and Receivables
  • Journal entry to record the sale of merchandise on account
  • Interim Reporting, ASC 270
  • Earnings per Share, ASC 260
  • Accounting Changes and Error Corrections, ASC 250
  • Statement of Cash Flows, ASC 230
  • Income Statement, ASC 225
  • Income Statement, Extraordinary and Unusual Items, ASC 225
  • Presentation of Financial Statements, Discontinued Operations, ASC 205
  • Comprehensive Income, ASC 220
  • Balance Sheet, ASC 210
  • Offsetting, ASC 210
  • Presentation of Financial Statements, ASC 205
  • Codification of U.S. GAAP, ASC 105
  • Generally Accepted Accounting Principles, ASC 105
  • Journal entry to record the sale of merchandise in cash
  • Adjusting Entries
  • Accruals and Deferrals
  • Accrual Basis Accounting
  • Closing Journal Entries
  • Steps of Accounting Cycle
  • Accounting Equation
  • Debits and Credits
  • Accounting Journal Entries
  • Elements of Income Statement
  • Operating Expenses
  • Journal entry to record the purchase of merchandise
  • Nonoperating Income and Expenses
  • Net Income
  • Profitability and Activity Ratios
  • Multiple Step Income Statement Practice
  • Elements of Balance Sheet
  • Classified Balance Sheet
  • Classification of Assets
  • Classification of Liabilities
  • Journal entry to record the payment of rent
  • Components of Stockholders’ Equity
  • Liquidity and Solvency Ratios
  • Classified Balance Sheet Practice
  • The Objective of Accounting
  • Users of Accounting Information
  • Generally Accepted Accounting Principles (GAAP)
  • Characteristics of Useful Information
  • Assumptions of Financial Reporting
  • Types of Financial Statements
  • Journal entry to record the payment of salaries
  • Elements of Financial Statements
  • Forms of Business Organizations
  • Types of Business Activities
  • Extraordinary and Unusual Items, ASU 2015-01
  • Research and Development Costs
  • Journal entry to record the purchase of equipment
  • Journal entry to record the investment by owner
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