New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Principles of Financial Accounting

by: Jaylon Lebsack

Principles of Financial Accounting ACG 2021

Marketplace > University of Central Florida > Accounting > ACG 2021 > Principles of Financial Accounting
Jaylon Lebsack
University of Central Florida
GPA 3.77

Steven Hornik

Almost Ready


These notes were just uploaded, and will be ready to view shortly.

Purchase these notes here, or revisit this page.

Either way, we'll remind you when they're ready :)

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

Steven Hornik
Class Notes
25 ?




Popular in Course

Popular in Accounting

This 7 page Class Notes was uploaded by Jaylon Lebsack on Thursday October 22, 2015. The Class Notes belongs to ACG 2021 at University of Central Florida taught by Steven Hornik in Fall. Since its upload, it has received 13 views. For similar materials see /class/227574/acg-2021-university-of-central-florida in Accounting at University of Central Florida.


Reviews for Principles of Financial Accounting


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 10/22/15
ACG 2021 Chapter 3 Summary u H Two methods of Accounting Cash Accrual n TimePeriod Concept Revenue Recognition Principle Matching Concept l 39 7 l Two types of Accrual Accounting Accruals n Transactions recorded before Cash exchanged Deferrals n Transactions recorded before Revenue Expense is Earned Incurred Incurred Make oneself subject to bring upon oneself become liable to That is you the corporation now has an obligation that will need to be paid Deferrals 0 Initial Transaction Recognition We Receive Cash in Advance Cash xxxx Unearned Service Revenue xxxx We pay Cash in Advance de Asset xxxx 39 Cash XXXXX SubsequentAdjusting Transaction Provide Service or Goods Earn Revenue Unearned Revenue xxxx Service Revenue xxxxx Use up Prepaid Asset Expense xxxxx de Asset xxxxx Revenue Balance Sheet Accounts Matching Concept Balance Sheet and Income Statement Accruals Matching 0 Initial Transaction Concept D Incurred an Expense before payin Expense xxxxx Payable xxxxx D We earn Revenue before receiving cash Receivable xxxxx Revenue XXXXX SubsequentAdjusting Transaction Pay for Expense previously incurred a Payable XXXX 39 Cash XXXX U Receive Cash Owed to us Cash XXXXX Receivable xxxxx BS amp IS Revenue Recognition B S only Closing The Accounts Permanent Accounts n B S Temporary Accounts 4 n Income Statement Revenues closed to Retaid Earnings Revenue xxxx n Retained Earnings xxxx Expenses closed to Retained Earnings n Retained Earnings xxxx n Expenses XXXX Ratios Current a Current Assets Current Liabilities Debt a Total Liabilities Total Assets


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Jennifer McGill UCSF Med School

"Selling my MCAT study guides and notes has been a great source of side revenue while I'm in school. Some months I'm making over $500! Plus, it makes me happy knowing that I'm helping future med students with their MCAT."

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.