Principles of Financial Accounting
Principles of Financial Accounting ACG 2021
University of Central Florida
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This 2 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 Staff in Fall. Since its upload, it has received 14 views. For similar materials see /class/227575/acg-2021-university-of-central-florida in Accounting at University of Central Florida.
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Date Created: 10/22/15
Review Sheetfor Final Chapter I 39 1 Use accounting vocabulary 2 Analyze a business using accounting concepts and principles 3 Use the accounting equation 4 Explain the relationships among the nancial statements Chapter 2 l Analyze business transactions 2 Understand how accounting works 3 Record business transactions 4 Use a trial balance Chapter 3 l Relate accrual accounting and cash basis accounting 2 Apply the time period revenue and matching principles 3 Adjusting Entries 4 Prepare the nancial statements 5 Close the books Chapter 4 1 Understand what an effective system of internal control entails 2 Bank reconciliation 3 Apply internal controls to cash receipts and cash payments 4 Use a budget to manage cash Chapter 5 1 Understand shortterm investments 2 Use the allowance method for uncollectible receivables 3 Account for notes receivable Chapter 6 1 Use the costofgoodssold model 2 Account for basic inventory transactions 3 Analyze the various inventory methods 4 Identify the income and the taX effects of the inventory methods 5 Show how inventory errors affect cost of goods sold and net income Chapter 7 1 Determine the cost of a plant asset 2 Account for depreciation 3 Select the best depreciation method 4 Analyze the effect of a plant asset disposal 5 Account for natural resources and depletion 6 Account for intangible assets and amortization Chapter 8 1 Account for current liabilities and contingent liabilities 2 Account for bonds payable transactions 3 Measure interest eXpense 4 Report liabilities on the balance sheet Chapter 9 l M t andquot 39 ofa l 2 Effect of issuing stock on a company s nancial position 3 Treasury stock transactions 4 Account for dividends 5 Different stock values 6 Report stockholders equity transactions on the statement of cash ows
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