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Exam 1

by: Noelle Oleartchick

Exam 1 Acct 3001

Noelle Oleartchick
GPA 3.5

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Notes over chapters 1-6
Foundations of Accounting
Lesley Davidson
Study Guide
50 ?




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This 2 page Study Guide was uploaded by Noelle Oleartchick on Wednesday September 14, 2016. The Study Guide belongs to Acct 3001 at Austin Peay State University taught by Lesley Davidson in Fall 2016. Since its upload, it has received 33 views.


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Date Created: 09/14/16
Exam 1 Study Guide Types of Accounting used within an organization and for planning.  Managerial Accounting The going concerned concept says what?  That the entity will continue to operate in the future. When is revenue recorded for accrual accounting?  When the services are performed How would you find the stockholders’ equity in an equation?  Subtract liabilities from the assets o Assets= $1000; Liabilities= $300; SE= $700 The Matching Principle matches what to what?  Expenses to revenue What’s the accounting equation?  Assets= Liabilities + Stockholders’ equity  $320,000= $117,000 + $203,000 When a firm uses LIFO what happens?  The cost of goods sold is greater than if FIFO was used.  The products that were last in are the first out. Accounts Receivable are recorded at______  Net relizable value “______” results from a sale of goods or services  On Account (NOT CASH) Accounts Payable are liabilities not assets! Noncurrent intangible assets are subject to  Amoritization Straight Line depreciation  There is equal depreciation each year. The principle challenge to calculating depreciation is:  Estimating the quantity of materials recovered. Land isn’t a liability A Chart of Accounts isn’t an example of a source document. Perpetual inventory system is what?  A continuous record of the quantity and cost of each item.  Record is made of every purchase.  Computers have made it more feasible to use perpetual inventory systems How to find dividends in an equation? When you have net income, beginning retained earnings, and ending retained earnings finding the dividends is easy. Add net income and Beg. Ret. Earnings; then subtract Ending Ret. Earnings. The results is your DIVIDEND o Net Income: $100,000; Beg. Ret E: $30,000; Ending Ret. E: $90,000 o 100,000+30,000= 130,000- 90,000= 40,000 o 40,000 is dividends 2


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