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Accounting I Final Exam Review

by: Kaley Hicks

Accounting I Final Exam Review COMM 10123

Kaley Hicks
GPA 3.97

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Study Guide for Fundamentals of Accounting I Final Exam
Basic Speech Communication
Forsythe, Katherine Elizabeth/Finn, Amber
Study Guide
Accounting, Fundamentals of Accounting I, Fundamentals, business
50 ?




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This 3 page Study Guide was uploaded by Kaley Hicks on Friday January 22, 2016. The Study Guide belongs to COMM 10123 at Texas Christian University taught by Forsythe, Katherine Elizabeth/Finn, Amber in Fall 2016. Since its upload, it has received 178 views. For similar materials see Basic Speech Communication in Communication Studies at Texas Christian University.


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Date Created: 01/22/16
Accounting Final Exam Review: Chapter 1:  Summary of the Financial Statements: o Balance Sheet: Reports the financial position (economic resources and sources of financing) of an accounting entity at a point in time o Income Statement: Reports the accountant’s primary measure of economic performance during the accounting period o Statement of Retained Earnings: Reports the way that net income and the distribution of dividends have affected the financial position of the company during the accounting period o Statement of Cash Flows: reports inflows (receipts) and outflows (payments) of cash during the accounting period in the categories of operating, investing, and financing.  Players in the Accounting Communication Process o PCAOB: auditing standards o FASB: accounting standards o Securities and Exchange Commission (SEC): the U.S. government agency that determines the financial statements that public companies must provide to stockholders and the measurement rules that they must use in producing those statements o Financial Accounting Standards Board (FASB): the private sector body given the primary responsibility to work out the detailed rules that become generally accepted accounting principles o Public Company Accounting Oversight Board (PCAOB): the private sector body given the primary responsibility to issue detailed auditing standards Chapter 5:  Annual Reports (For Private Companies) include: o 1. Four basic financial statements o 2. Related notes (footnotes) o 3. Report of independent accountants (auditor’s opinion) if audited  Annual Reports (For Public Companies) include: o Nonfinancial section: Letter to stockholders, description of management o Financial Section: SEC sets what must be given here  Quarterly Reports o Short letter to stockholders o Condensed unaudited Income Statement and balance sheet for quarter  Chairman and Chief Executive Officer: Primary responsibility for information in financial statements  Chief Financial Officer: highest officer associated with the financial and accounting side of the business  Accounting Staff: actually prepare the details of the reports – also bear responsibility for accuracy of the information  Income taxes paid are operating activities Chapter 3:  Operating (Cash to Cash) Cycle: time it takes for a company to pay cash to suppliers, sell goods and services to customers, and collect cash from customers.  Revenue Principle: o 1. Delivery has occurred or services have been rendered o 2. There is persuasive evidence of an arrangement for customer payment o 3. The price is fixed or determinable o 4. Collection is reasonably assured.  Cash Basis Accounting: records revenues when cash is received and expenses when cash is paid  Accrual Basis Accounting: records revenues when earned and expenses when incurred, regardless of the timing of cash receipts or payments Chapter 4:  Accounting cycle: the process followed by entities to analyze and record transactions, adjust the records at the end of the period, prepare financial statements, and prepare the records for the next cycle.  Adjusting Entries: o Deferred Revenues: Previously recorded liabilities that were created when cash was received in advance. Liabilities must be reduced for amount of revenue actually earned during the period. o Accrued Revenues: Revenues that have been earned by not yet recorded because cash will be received after the services are preformed or goods are delivered. o Deferred Expenses: Previously recorded assets, that were created when cash was paid in advance and that must be reduced for the amount of expense actually incurred during the period through use of the asset. o Accrued Expenses: Expenses that have been incurred but not yet recorded because cash will be paid after the goods or services are used. Chapter 7:  FIFO, LIFO, Specific Identification, and Average Costing Method Hilton: Chapter 1:  Managerial Accounting is unregulated  Financial Accounting has required regulations and must conform to GAAP. It is regulated by FASB and to a lesser degree, SEC  Line positions: directly involved in the provision of goods and services o Chairman and president of Disney Consumer Products o Chairman and president of Disney Interactive Studios o Chairman and president of Walt Disney Parks and Resorts o Manager of Disney’s Animal Kingdom o Manger of food and beverage services o Manger of the Disney store  Staff Positions: supervise activities that support the overall mission but they are only indirectly involved in operational activities o General counsel o The executive VP for government relations o The chief financial officer (CFO)  CFO = Controller: responsible for supervising the personnel in the accounting department and preparing the information and reports used in managerial & financial accounting. Also interprets information for line managers and participates as an integral member of the management team  Treasurer: responsible for raising capital and safeguarding the organization’s assets.  Internal auditor: responsible for reviewing the accounting procedures, records, and reports in both the controller’s and the treasurer’s areas of responsibility. Chapter 2:  Product cost (also called inventoriable cost): cost assigned to goods that were either purchased or manufactured for resale.  Period costs: the costs are identified with the period of time in which they are incurred rather than with units of purchased or produced goods. Chapter 7:  Contribution Income Statement: highlights the distinctions between variable and fixed expenses Chapter 14:  Outsourcing decision (also called a make-or-buy decision)- entails a choice between producing a product or service in-house and purchasing it from an outside supplier 


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