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Bus 20 Midterm Study Guide

by: Aaron Kleinert

Bus 20 Midterm Study Guide BUS 020

Marketplace > University of California Riverside > Business > BUS 020 > Bus 20 Midterm Study Guide
Aaron Kleinert
GPA 3.54

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Financial Accounting and Reporting
B. Samuelson
Study Guide
business, Studyguide, study, grades, bus20, notes, studysoup
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This 3 page Study Guide was uploaded by Aaron Kleinert on Sunday April 24, 2016. The Study Guide belongs to BUS 020 at University of California Riverside taught by B. Samuelson in Spring 2016. Since its upload, it has received 358 views. For similar materials see Financial Accounting and Reporting in Business at University of California Riverside.


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Date Created: 04/24/16
Business 20 Study Key T erms Guide Business provides goods and services to members of an economic system. Business Types: Sole Proprietor (72%), Partnership, and Corporation Business Activities: Financing, Investing, Operating (Cash Flow Statement) Net Worth, or Owner’s Equity, is the financial position of assets and liabilities. Assets: Short term or Long term, owned or received by the company -Non-Current Assets have a life over a year External-internal Exchange are between the company and outside sources. Duality of Effects: Every transaction has at least two effects to be recorded. Accrual Accounting records when assets are earned and expenses are used. Financial Statements Balance Sheet: Assets = Liabilities + Shareholder’s Equity (KNOW THIS EQUATION) -Left Side and Right Side always have to end up balanced. Set Up: AssetsCurrent AssetsTotal Current AssetsNC AssetsTotal Assets *Same set up for Liabilities * Right side ends with “Total Liabilities and Shareholder Equity” (This will be the last statement completed in the questions) Nearly ALL assets are prepaid expenses. THE KEY TO SUCCESS IS HAVING ALL THE KEYS. GOODLUCK!! Income Statement: Revenue – Expenses = Net Income -Use this value in the Retained Earnings statement. *Look to bottom values on the Trial Balance Retained Earnings: Net Income + Prior Earnings - Dividends -Move to final spot in Balance Sheet under Shareholder Equity Cash Flow: All operating, financing, and investing activities. -Anything doing with Cash What to expect Journal Entry T-AccountTrial BalanceIncome StatementBalance Sheet Unadjusted Entries into financial statements not told directly to us. -Deferral Vs Accrual Adjustments (Opposites) *Decreases the Balance Sheet while increasing the Income Statement. *Adjustments never involve cash. Extra Information Watch out for the trick! Not all entries are recorded. NO exchanges of promises! NO Transaction = NO Recording! *Debit Entries come FIRST *Indent Credit Entries *Date and Name all transactions in all statements **Positive under Stockholders Equity = DEBIT ENTRY** **Increasing the expense decreases the owner’s wealth or equity in company** * “Depreciation Expense” is the Debit Entry “Accumulated Depreciation of” is the Credit Entry “Amortization” is intangible depreciation. Ex. Software *Liabilities or “PAYABLE” THE KEY TO SUCCESS IS HAVING ALL THE KEYS. GOODLUCK!! **Current Ratio: divide current assets by current liabilities** No Negative Signs in Statements, use parenthesis. Dividends Declared: Retained Earnings Dividends Payable: Declared and not paid Dividends Paid: Cash Flow Equipment life > 1 yr. = depreciation expense Equipment life < 1yr. = equipment expense THE KEY TO SUCCESS IS HAVING ALL THE KEYS. GOODLUCK!!


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