Acct 3233 Accounting Principles PDF

Summary

This document appears to be lecture notes or study material for an accounting course, likely at the undergraduate level. It covers fundamental accounting principles, including topics such as financial statement preparation and analysis.

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Acct 3233 Chapter I Providers offinancialinformation ientedcompanies IPEeni.gr usersoffinancialinformation investorscreditorsemployeessuppliers Efantxioo rate of return in.EE inEEffifati s...

Acct 3233 Chapter I Providers offinancialinformation ientedcompanies IPEeni.gr usersoffinancialinformation investorscreditorsemployeessuppliers Efantxioo rate of return in.EE inEEffifati s ahhdoubepaidEarl ISride heasre ofperiodicperformancecallednetoperatingcashflow cashreceipts cashdisbursements AccuralAccounting expenses inques netting providesameasure ofperformancecane Accountingprinciples GAAPIspeE.ggYinaegepted FASB Financial Accounting StandardsBoard identifiesreportingissues if Fausto alait companyfinancialstatements expressindependentopiniononcompliancewithGAAP addcredibility increaseconfidenceofusersplaysimportantroleincapitalmarkets Saraka mt Fergie's publicsecuritiesissuingentities m Elites editate everysyears rotationonaudit increasesexecutivesaccountability Accounting code ofEthics CPAs AmericaninstituteofCPAs ofmanagementAccountants Accountantingindustry Institute Finaci profileItoexternalusers FASB Conceptual Framework Qualitativecharacteristics relevance faithfulrepresentation I beara or aij imagine reefrogror EconomicEntityassumption ftp.tkaptip alleconomiceventsareidentified coing diets ieiitiacctennne f m Eemtiteatyssitp.in operatiese continue consistentlyused MethodsofmeasurementallowedbyGAAP Historicalcost originaltransactionvalue netrealizablecost currentcost PVoffuturecashflows fairvalue Disclosure fulldisclosureprinciple thet'ssheet ofcloseanyinfothataffects decisions compare Internationalstandardsetting BoardIASB international accountingstandards created internationalFinancialreporting standards IFRS Chapter 2 Assets iiie.si 1oiEiesEaip 1 9 app GeneralLedger Accounts uity Efferset deb riff shared file DEAYER It re fi ex.ee y cycle Accountingprocessing temporaryaccounts atEOY Closing tempaccrevenuesexpensesgainslossesdividends If andtheirbalancesataparticulardate accounts Adj gas's asprepaymentsaccuralsandestimates Eure aÑrioa haaustsetc pn Accuralofexpenses liabilitiesoccurwhenexpensesareincurredbutnotyet Needtobe toreageraccountsandandrecordedingeneraljournal endofanyperiod posted paid cash lgstg Adjustedtrialbalance have entries beenposted statement That income g eqie characteristics ftp.ef m components areclassifiedaccordingtocommon activitiesofcompanyduring of period time stems cleftgregg 9 ofcomprehensiveincome Statement ofothercomprehensive itemsarecollectivelyapart broaderimpactonshareholdersequity incpye.FI yIemenffffwIfc income1oct CI net statementofcashFlows related jalhfh.gg totransactionsenteringintodeterminationofnetincome anandingask.fi fromadvisitionsaleoflongterm transactionsw creditors flowsfrom cash assets owners cash ifIns18th've beginningcash changeincash endingcash statementof shareholder's Equity infestments Ener's bin Enters foot nose Ca eating difference bwcashrecipts disbursments chapter 3 Balance sheet liquidity ability ofcompanytopaycurrentliabilities longtermsolvency Abilitytopayall liabilities lowerfinancialflexibilitynigherriskenterprisewillfail Limitations of balancesheet company's assets liabilities barge reasonthey inflate tktrttvatve gfnI Pi.me Yfven Fanyassets likeland buildings aremeasured historicalcosts ManyitemsinBSareheavilyreliantonestimates judgements Paidammo Iff haveinvestedintocompany shareholders YI financialstatementscalculationsschedules discussionsupporting mangem.ee mPinYgehentsIsin1Yh certaintransactionseventsetc Pro EEE im duiiin A 9 911 1 a ftp.at omerinoneedstobeemphasized faiapn Tardis Earlyexplain adversedisclaimer misstatedmisleading liquidityratio current ratio II.IT Solvency ratio Total debttoequityratio assets totalliabilities Chapter 4 Income statement Netincome revenues Gains Expenses Loses singlestep multi stem p airteventtotals Earl Fried earningstopredictfutureearnings TemporaryEarnings Notlikelytoberepeatedeachyear ReportingDiscontinuedoperations whencomponentofcompany issoldordisposedof 1 pretaxamounts Taxerrects income 2 calculate 3 tax after correction of an Error e arningsinstatementof thebeginningbalanceoretained shouldbereportedasanadjustmentto f SE EarningsPershare icEPS x ife fesl t.EE OCIitemsaresimilaracrossboth int reported Ip p ActivityRatios re iiii Assetturnoverratio aver assets turnoverratio Recievables aver receivables turnover inventory ratio WII.ge f tory Averagedaysin inventory inv.EEver Chapters Simpleinterest simpleinterest initialinvestment rate periodoftime interest Compoundinterest overmanyperiodsotfime occurswhen isinvested SolvingforinterestRates ontable Pree.fi A 1s flows areSAMEamounteachperiod recievedorpaid leasesetc 19h ordinary payments atENDofeachperiod Ann99ha cashpaymentsatbeginningofeachperiod In man theagreement after period Long term bonds Chapter 6 Revenuerecognition recognizerevenuewhen Revenuerecognition intime asinglepoint performanceobligation issatisfie controlpassedfromsellertocustomerif hasobligationto customer payseller haslegaltitletoasset customer meterhasasset PEEeswiat.EE etrsnip customerhasacceptedtheasset Revenuerecognitionoverperiodoftime criteriatoberecognizedoverpot thebenefitofthesellersworkasitisperformed customerc onsumes set weaningthenasnotakera use custom multiperformanceobligations separately record variableconsideration when isuncertain basedonfutureevents t ransactionprice royaltiesinmusic medicarereembursments value multipleoutcomes expected mostlivelyant onlya changesin VCshouldberecognizedasadjustmenttorevenueinperiodofchangeestimatewasmade ÉEe ityrevenue igs commission FREE Sicense touseintelletualproperty consignment Arrangments aresoldtocustomertheconsignerstillhaslegaltitle retainsrisks untilthegoods 1 89 InferIfact recognizedin1st thatlossbecomesevident period P so ormorelowerthanGAAP 1 10 n chapter 7 13days reading Bobiems a 12128 Accounts recievable 25000 39081T all nrevenu go grossmethod salesdiscount 250 I 25000 fethod ftp.os Accounts recievable 24750 b 1 26 iiiiimii biz n 48000 3cdebtexpena for Allowance a ccounts unconectible 2 a 1231 Baddebtexpense 48000 bsmsiii.is ffl Allowanceforunconectibleaccounts oon ourreftasnts.lt recisupies reciev anowanceofuncinventoryinterest 7 focusingon allowanceaccount 18000 14000 tgybÉgg2

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