Acccounting Review Sheet

nACG203 Wild 3e Text Study Guide Chapters 1-3 Chapter 1 Introducing financial news report * Users of bill information external vs. inwrought * Generally Accepted business relationship Principles (GAAP) * International fiscal Reporting Standards (IFRS) & antiophthalmic factor; IASB * Revenue deferred payment principle * depreciate recognition (Matching) principle * Cost Principle * Role of ethics in story * Sarbanes-Oxley Act (SOX) and curbing financial abuses * Elements of the business relationship compare - Assets, Liabilities, shareowners Equity (Contributed Capital & Retained Earnings), Revenues, Expenses (Net Income), Dividends * Analyzing frequent business transactions and their impact on the accounting equation and ultimately on financial statements * 4 Financial Statements - Income Statement, residue Sheet,Statement of Retained Earnings, Statement of Cash Flows * proportion legislate on A ssets * Business activities (Operating, Investing, Financing) and the accounting equation (Appendix 1B) * make out the mainstay terms at the end of the chapter * Discussion questions 3, 4, 8, 11, 13-15, 17-31 Chapter 2 Accounting for Transactions * Source documents initiate the enter go * Role of accounts in recording accounting information assets, liabilities & equity accounts * General ledger and chart of accounts * Debits and credits double-entry accounting system rules (R E D A L E) * Accounting cycle first 4 steps 1. Analyze 2.Journalize(record) 3.Post to cosmopolitan ledger (T-accounts) 4. Prepare unadapted trial labyrinthine sense * affair of a trial balance, preparing financial statements from a trial balance * RATIO Debt Ratio * Know the key terms at the end of the chapter * Discussion questions 1-4 , 6, 8, 10-15 Chapter 3 Preparing Financial Statements (OMIT APPENDICES 3A, 3B, 3C) * The accounting closure fis! cal year vs. calendar year * Accrual stand vs. cash...If you privation to get a full essay, order it on our website: OrderEssay.net

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