chapter 1
chapter 2
chapter 3
chapter 4
important concepts
100
assets=liabilities+stockholders equity
What is the accounting equation
100
-event takes place -analyze how it effects the accounting equation -see if it is a debit or credit -record transaction in journal -post to the ledger -prepare trial balance
What is measuring business activities
100
accrual based accounting
What is posting revenues and expenses as we provide them to a customer
100
the fraud triangle
What is opportunity, motivation, and rationalization
100
-comparability -variability -timelessness -understandability
What is decision usefulness
200
revenues and expenses
what makes up the income statement
200
decrease retained earnings
What is expenses and dividends
200
permanent accounts
What is the balance sheet accounts such as retained earnings
200
used to protect shareholders of publicly traded companies created in 2001
What is Sarbanes-Oxley act
200
-completeness -neutrality -freedom of error
What is faithful representation
300
financing is transactions the company has with investors and creditors where as investing activities is the transactions involving the purchase and sale of resources that are expected to benefit the company over several years
What is the difference between financial activities and investing activities
300
what increases by debits
What is dividends, assets, expenses
300
temporary accounts
What is revenues, expenses, dividends
300
small amount of cash for minor purchases
What is petty cash fund
300
-confirmatory value -predictive value -materiality
What is relevence
400
retained earnings and common stock
What is stockholders equity
400
what increases by credits
What is liabilities, sh. equity, and revenues
400
order of liquidity
What is 1. cash 2. accts. receivable 3. prepaid rent/ supplies
400
accts that remove cash from the company
What is service fee expanse NSF checks company errors
400
what appears on the balance sheet and the statement of stockholders equity
What is retained earnings
500
internal source of stockholders equity
What is retained earnings
500
differed revenue is known as
What is a liability
500
an example of a conta account
What is accumulated depreciation- subtract from total assets
500
on journal entries what is an account receivable
What is an NSF check
500
consistently increasing income helps forecast the companies ability to generate future cash is known as
predictive value
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