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Decks in this class (28)
GAAPS and IFRS
What does gaap stand for 1,
What do the gaaps do 2,
What does ifrs stand for 3
19
cards
1.1 - Users, Orgs, and Standards
Why is accounting important 1,
Internal users 2,
External users 3
13
cards
1.2 - The Accounting Equation
The accounting equation 1,
Why are liabilities are shown bef...,
Sections of owner s equity 3
8
cards
1.3 - Financial Statements
Income statement 1,
Statement of owners equity 2,
Balance sheet 3
5
cards
2.1 - The Accounts (DR/CR Theory)
What is an account ex equipment 1,
Note payable liability 2,
Unearned revenue liability 3
9
cards
2.2 - The Recording Process
What s the recording process 1,
What is a journal 2,
Journalizing 3
9
cards
2.3 - The Trial Balance
The trial balance 1,
The primary purpose of a trial ba...,
The procedures for preparing a tr...
6
cards
3.1 Accrual vs Cash
Cash basis accounting 1,
Accrual basis accounting 2,
Expense recognition 3
4
cards
3.2 Adjusting Entries
Reasons adjustments needed 1,
Prepayments 1 prepaid expenses 2 ...,
Accruals 1 accrued expenses 2 acc...
12
cards
3.3 Adjusted Financial Statements
An adjusted trial balance is 1,
The income statement is prepared ...,
The statement of owner s equity i...
4
cards
4.1 Worksheets and Closing Entries
Worksheet 1,
Closing the books 2,
What accounts are closed 3
9
cards
4.2 Correcting Entries
Reversing entries 1,
Correcting entries 2
2
cards
4.3 Elements of Financial Statements
9 steps of accounting cycle 1,
Standard balance sheet classifica...,
Standard balance sheet classifica...
13
cards
5.1 - Periodic vs Perpetual
Merchandising 1,
What is the main source of revenu...,
Net income formula 3
16
cards
5.2 - Purchases
What does a purchase invoice docu...,
Purchases of merchandise for resa...,
The merchandise inventory account...
14
cards
5.3 - Sales
Recording the sales of merchandise 1,
Customer returns are recorded by ...,
Sales returns and allowances is w...
7
cards
5.4 - Merchandising Statement
Merchandisers use what financial ...,
Multiple step income statement 2,
Why is it called the multi step i...
11
cards
6.1 - Inventory Costing
Determining inventory quantities 1,
Internal controls 2,
Other ownership situations 3
6
cards
6.2 - Periodic COGS
Cost of goods sold formula and si...,
Determining cost of goods purchas...,
Determining cost of goods on hand 3
4
cards
6.3 - FIFO and Average
The specific identification method 1,
When is specific identification m...,
Assumed cost flow methods 3
10
cards
6.4 - Inventory Errors and Statement Valuation
Inventory errors is effects 1,
The effects on cost of goods sold...,
Effects of inventory errors on cu...
8
cards
8.1 Receivables - Allowance Method
Nonbank credit cards and bank cre...,
Some receivables will become unco...,
Receivables are written down to t...
13
cards
8.2 Notes Receivable and Ratios
A promissory note 1,
Basic issues in accounting for no...,
Recognizing notes receivable 3
16
cards
9.1 - Property, Plant, and Equipment Costing
Property plant and equipment 1,
Natural resources long lived asse...,
Intangible assets long lived asse...
14
cards
9.2 - Depreciation and Disposals
Depreciation 1,
To calculate depreciation must de...,
Depreciation methods 3
18
cards
9.3 Retirements and Exchanges
Retirement of property plant and ...,
Exchanges 2,
Four steps required to record an ...
4
cards
9.4 - Natural Resources and Intangible Assets
Natural resources 1,
Asset retirement costs 2,
Depreciation of natural resources 3
15
cards
Ratios
Liquidity 1,
Solvency 2,
Profitability 3
21
cards
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A12 Accounting
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