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FSU - ACG 2021 - ACG Final Study Outline - Study Guide

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FSU - ACG 2021 - ACG Final Study Outline - Study Guide

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background image Final Exam Study Outline Chapter 1: Introduction to Financial Statements  Learning Objectives 1. Describe the primary forms of business organization. 2. Identify the users and uses of accounting information. Internal vs. external users Ethics in financial reporting (e.g., Sarbanes-Oxley) 3. Explain the three principal types of business activity. Operating, investing, and financing activities 4. Describe the content and purpose of each of the financial statements. 5. Explain the meaning of assets, liabilities, and stockholders’ equity, and  state the basic accounting equation. 6. Describe the components that supplement the financial statements in  an annual report. Management discussion & analysis, notes to the financial statements,  auditor’s report   Chapter 2: A Further Look at Financial Statements Learning objectives 1. Identify the sections of a classified balance sheet. 2. Identify tools for analyzing financial statements and compute ratios for  analyzing a company’s profitability. Earnings per share 3. Explain the relationship between a retained earnings statement and a  statement of stockholders’ equity. 4. Identify and compute ratios for analyzing a company’s liquidity and  solvency using a balance sheet.
background image Liquidity: Working capital, Current ratio Solvency: Debt to assets ratio 5. Use the statement of cash flows to evaluate solvency. Free cash flow 6. Explain the meaning of generally accepted accounting principles. Standard setting (e.g., GAAP, SEC, FASB, IASB, IFRS, PCAOB) 7. Discuss financial reporting concepts. Useful, comparability, consistency, timeliness, understandability Assumptions: monetary unit, economic entity, periodicity, going  concern Principles: historical cost, fair value, full disclosure, cost constraint   Chapter 3: The Accounting Information System Learning Objectives 1. Analyze the effect of business transactions on the basic accounting  equation. 2. Explain what an account is and how it helps in the recording process. 3. Define debits and credits and explain how they are used to record  business transactions. 4. Identify the basic steps in the recording process. 5. Explain what a journal is and how it helps in the recording process. 6. Explain what a ledger is and how it helps in the recording process. 7. Explain what posting is and how it helps in the recording process. 8. Explain the purposes of a trial balance. 9. Classify cash activities as operating, investing, or financing.
background image   Chapter 4: Accrual Accounting Concepts Learning Objectives 1. Explain the revenue recognition principle and the expense recognition  principle. 2. Differentiate between the cash basis and the accrual basis of  accounting. 3. Explain why adjusting entries are needed, and identify the major types  of adjusting entries. 4. Prepare adjusting entries for deferrals. 5. Prepare adjusting entries for accruals. 6. Describe the nature and purpose of the adjusted trial balance. 7. Explain the purpose of closing entries. 8. Describe the required steps in the accounting cycle. 9. Understand the causes of differences between net income and cash  provided by operating activities. 10. Describe the purpose and the basic form of a worksheet. (Appendix) 11. Compare the procedures for revenue recognition under GAAP and  IFRS. (Appendix )   Chapter 5: Merchandising Operations and the Multiple-Step Income 
Statement
Learning Objectives        1. Identify the differences between a service company and a  merchandising company. 2. Explain the recording of purchases under a perpetual inventory  system.

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School: Florida State University
Department: Accounting
Course: Financial Accounting
Professor: Ronald Pierno
Term: Summer 2015
Tags: Accounting, paterson, FSU, and ACG2021
Name: ACG Final Study Outline
Description: An outline of what to study
Uploaded: 04/23/2018
10 Pages 32 Views 25 Unlocks
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