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L1 23 Financial Reporting Mechanics

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

By: Steven Popovic
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Decks in this class (7)

A explain the relationship of financial statement elements and accounts, and classify accounts into the financial statement elements;
Explain the relationship between financial statement elements and accounts,and classify accounts into the financial statement elements.
36  cards
B explain the accounting equation in its basic and expanded forms;
Explain the accounting equation in its basic and expanded forms.
7  cards
C describe the process of recording business transactions using an accounting system based on the accounting equation;
Describe the process of recording business transactions using an accounting system based on the accounting equation.
3  cards
D describe the need for accruals and other adjustments in preparing financial statements;
Describe the need for accruals and other adjustments in preparing financial statements.
13  cards
E describe the relationships among the income statement, balance sheet, statement of cash flows, and statement of owners’ equity;
Describe the relationships between the income statement, balance sheet, statement of cash flows statement of owners equity.
7  cards
F describe the flow of information in an accounting system;
Describe the flow of information in an accounting system.
5  cards
G describe the use of the results of the accounting process in security analysis.
Describe the use of the results of the accounting process in security analysis
2  cards

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L1 23 Financial Reporting Mechanics

  • Class purpose General learning

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