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Decks in this class (62)
Chapter 1
What is accounting 1,
What should accounting be 2,
Internal users 3
95
cards
Ch 1.4
Statement of income 1,
Statement of changes in equity 2,
Statement of financial position 3
56
cards
Ch 2.1- understanding financial statements
Liquidity 1,
Solvency 2,
Profitabilitiy 3
44
cards
Ch 2.2- Ratios
Sources of data 1,
Liquidity ratios 2,
Solvency ratios 3
24
cards
Ch 2.3 Framework for Preparing Financial Statements
Fundamental qualitative character...,
How cna acct info have relevance 2,
Relevant info has what types of v...
20
cards
Ch. 3.1
Accounting cycle steps 1,
Accounting transaction 2,
Shareholders equity formula 3
16
cards
Ch 3.2 Understanding Normal Balances
T account components 1,
Synonym of t account 2,
Ledger 3
21
cards
Ch 3.3 Journalizing Transactions
3 basic steps of the recording pr...,
Source documents such as a sales ...,
General jounral 3
10
cards
Ch 3.4 Posting Transactions
General ledger 1,
Chart of accounts 2,
Posting 3
5
cards
Ch 3.5 Preparing a Trial Balance
Trial balance 1,
A company usually prepares a tria...,
How to prepare a trial balance 3
12
cards
Ch 4.1
What is the longest accountign ti...,
Fiscal year vs interim periods 2,
Cash basis of accounting 3
29
cards
Ch 4.2 Adjusting Entries for Pre Payment
Prepayments are also known as 1,
Prepaid expenses expenses paid in...,
Prepaid expenses are a or l 3
22
cards
Ch 4.3 Adjusting entries for accruals
Why are accruals not recognizedd ...,
Unlike prepayments for which a jo...,
Until an accrual adjustment is ma...
14
cards
Ch 4.4 Adjusted Trial Balance and FS
What is th enew trial balance cal...,
How to create adjusted trial bala...,
Blank 3
3
cards
4.5 Closing the Books
Temporary account 1,
Permanent account 2,
Closiing entries 3
11
cards
Theory
What is gaap publicte priva 1,
Soi 2,
Soce 3
63
cards
Chapter 5
Revenue 1,
How do we measure income for a me...,
Formula for gross profit 3
42
cards
Ch 5.1 Merchandising Operations
What is merchandising 1,
What are the two charactersitics ...,
3 types of merchandising companies 3
47
cards
Chapter 5.2 Recording purchases of merchandise
In perpetual inventory system inv...,
Where is purchases of inventory r...,
What affects the purchase cost of...
50
cards
5.3 recording of sales merchandise
What are the 5 steps to recognizi...,
Transaction price is reduced by 2,
Variable consideration includes w...
18
cards
Chapter 6
Why does physical inventory need ...,
What does it mean to give goods o...,
How long does the consigner retai...
6
cards
5.4 Multi Step Statements of Income
Single step statement of income 1,
Multi step soi four main steps 2,
What is loss on disposal 3
21
cards
5.5 Evaluating Profitability
How to calculate the gross profit...,
What does the gross profit mean 2,
Is the gross profit margin better...
12
cards
5A. Periodic Inventory System
When is the revenue from the sale...,
In periodic is the cogs recorded ...,
How do you record purchases of in...
27
cards
6.1 Determining Inventory Quantities
Do companies own all the goods on...,
Can companies own goods that are ...,
Who should record goods in transit 3
18
cards
6.2 Inventory Cost Determination Formulas
What are the methods to determine...,
Specific identification 2,
If you have items a woth 75 b 250...
26
cards
6.3 How cost formulas effect financial statements
3 types of cost formulas 1,
If a company sells goods that are...,
If a company sells goods that are...
26
cards
6.4 Inventory Erros
If inventory is understated then ...,
If inventory is overstated then h...,
An error in ending inventory and ...
16
cards
6.5 Presentation and Analysis of Inventory
What is nrv 1,
Why do we care about nrv 2,
If nrv is lower than the cost 3
19
cards
6A: periodic system under FIFO
How to calculate cost of goods so...,
Steps on calculating cogs in fifo 2,
Where do you apply fifo in calcua...
9
cards
Ch 7. internal control and cash (TEXTBOOK)
What are the 3 main objectives of...,
Internal control systems help pre...,
Differenece between unintenitiona...
47
cards
Ch 7 (Textbook)
What is an internal control 1,
2 types of internal controls 2,
5 componenets of good internal co...
51
cards
7.2 cash controls
Why do cash transaction errors ha...,
What is cash 2,
Where cna cash be held 3
24
cards
7.3 Bank Accounts
Why do companies use banks 1,
When do companies use online bank...,
What is shown on a bank statement 3
41
cards
7.4 Reporting and Managing Cash
Where is cash reported 1,
What do companies combine with ca...,
What are the 2 qualities of cash ...
19
cards
8.1 Reporting Recievbale
How do credit losses occur 1,
Blank 1,
What is a receivable 2
24
cards
8.2 Uncollectible A/R
How can some accounts become unco...,
How do we deal with potentially u...,
Expected credit losses synonym 3
31
cards
8.3 Notes Receivable
What is a promissory note 1,
When are promissory notes used 2,
Who are the parties in a promisso...
23
cards
8.4 Statement Presentation of Receivables
Where are short term receivables ...,
How should trade receivables be r...,
How should receivables due in 1 y...
6
cards
8.5 Managing Receivables
What are the 4 key steps to amang...,
What are the considerations when ...,
Howc an companies minimize credit...
24
cards
General knowledge
If a company has many many many m...,
Blank 2
2
cards
Class notes-Ch9
What are ppe 2 classificaitons 1,
Is ownership requried of ppe to r...,
At what price is the ppe recorded 3
72
cards
Class Notes Ch 10
What are liabilities 1,
Two types of liabilites 2,
Two genres of liabilities 3
86
cards
Ch 9.1 PPE
Blank 1,
3 charcteristics of ppe 2,
Main diff between current assets ...
45
cards
Ch 9.2 Depreciation
What is the cost model 1,
What is depreciaiton 2,
How is depreciation recorded in je 3
53
cards
9.3 Derecognition
What is derecognition 1,
When does derecognition happen 2,
What are 4 steps to derecognizing...
13
cards
9.4 Intangible assets and goodwill
Intangible assets and goodwill ar...,
Intabginle assets and goodwill wh...,
Criteria of intangible assets 3
29
cards
9.5 Statement presentation of long lived assets
Property plant and equipment 1,
Intangible assets def ex 2,
Goodwill def ex 3
7
cards
9.6 Analyzing Assets
The presentation of financial sta...,
Return on assets ratio 2,
Return on assets formula 3
8
cards
Class notes--Chapter 10A_Accounting for bonds payable
What is bonds payable 1,
Why are bonds used 2,
When are bonds payable 3
37
cards
Ch 11- Analyzing SE
Three types of corporate forms of...,
What is a corporate form of organ...,
Public corporation 3
77
cards
Ch 13_ SOCF
What are the two ways we can prep...,
What is the purpose of the socf 2,
Ifrs and aspe is accrual based ac...
42
cards
13.1-SOCF
Difference between soi and socf 1,
Difference sofp and socf 2,
Difference soce and socf 3
29
cards
13.2 Operating Activities section
Because the expenses are recorded...,
What adjustments are needed to ne...,
Noncash expenses adjustments 3
17
cards
13.3 Investing Activities
Investing activities realte tooooo 1,
Although investing activities nor...,
You need to know four things abou...
6
cards
Ch 11.1
What are characterisitcs of a cor...,
How is an org a separate legal en...,
How can limited liability no long...
27
cards
Ch 11.2 Share capital JES
Is there a je to record the autho...,
Blank 2,
Is there a je to record the issue...
29
cards
11.3 Dividends & Stock Split
What does pro rata mean 1,
What are 3 ways to reimburse shar...,
Who receives cash dividends first 3
42
cards
11.4 Presentation SE
Where is se presented 1,
What does sofp show 2,
What is share capital 3
18
cards
11.5 measuring corproate performacne
What is the payout ratio 1,
What is the dividend yield 2,
Two formuals for diviends record 3
8
cards
Ch 14- Ratios
What is comparative analysis 1,
Ifrs fs provide primarily histori...,
What does md a provide 3
8
cards
How to prepare cashflows
Steps to prepare the operating ac...,
Steps on how to prepare the inves...,
Steps on how to prepare financing...
4
cards
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ACCT 217
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ACCT 217
- 3 decks
- 42 flashcards
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Decks:
Chapter 1, Chapter 2, Chapter 3 Chapter 4, And more!
