This class was created by Brainscape user Anna Lassmann. Visit their profile to learn more about the creator.

Flashcard maker: Anna Lassmann

Decks in this class (6)

Slide Set 3
1. Explain the time period assumption. 2. Explain the accrual basis of accounting. 3. Explain the reasons for adjusting entries. 4. Identify the major types of adjusting entries. 5. Prepare adjusting entries for deferrals. 6. Prepare adjusting entries for accruals. 7. Describe the nature and purpose of an adjusted trial balance.
14  cards
Slide Set 4
1. Prepare a worksheet. 2. Explain the process of closing the books. 3. Describe the content and purpose of a post-closing trial balance. 4. State the required steps in the accounting cycle. 5. Explain the approaches to preparing correcting entries. 6. Identify the sections of a classified statement of financial position.
20  cards
Slide Set 6
1. Describe the steps in determining inventory quantities. 2. Explain the accounting for inventories and apply the inventory cost flow methods. 3. Explain the financial effects of the inventory cost flow assumptions. 4. Explain the lower-of-cost-or-net realizable value basis of accounting for inventories. 5. Indicate the effects of inventory errors on the financial statements. 6. Compute and interpret the inventory turnover ratio.
19  cards
Slide Set 5
1. Identify the differences between service and merchandising companies. 2. Explain the recording of purchases under a perpetual inventory system. 3. Explain the recording of sales revenues under a perpetual inventory system. 4. Explain the steps in the accounting cycle for a merchandising company. 5. Prepare an income statement for a merchandiser.
10  cards
Slide Set 8
1. Identify the different types of receivables. 2. Explain how companies recognize accounts receivable. 3. Distinguish between the methods and bases companies use to value accounts receivable. 4. Describe the entries to record the disposition of accounts receivable. 9. Explain the statement presentation and analysis of receivables.
16  cards
Slide Set 9
The creator of this deck did not yet add a description for what is included in this deck.
15  cards

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  • Class purpose General learning

The creator of this class did not yet add a description for what is included in this class.

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