Identify and explain the key components of the following financial statements and be able to create each including proper formatting given a set of numbers: Define generally accepted accounting principles GAAP and explain their importance to the accounting profession and the presentation and use of financial statements.
Define chart of accounts, identify the key account classifications, and place classifications in their proper order. Chapter 5 and Chapter 6 Special Issues for Merchants and Cash and Highly-Liquid Investments 1 The total of beginning inventory plus purchases plus ending inventory may collectively be referred to as goods available for sale.
Be able to give examples of each. Chapter 8 Inventory 1 The consignor retains title to the transferred merchandise even though the goods are possessed by the sales agent. Furthermore, be able to justify which financial statement s is most useful for each goal.
Define the terms debit, credit, T-account, normal balance, source document, general ledger, and general journal.
Be able to easily identify the normal balance for each set of account classifications: Explain the difference between Financial and Management accounting and give examples of the types of information each provides.
Also identify which form of ownership accounts for the most of business and which form of ownership accounts for the biggest receipts revenue. Take Practice Quizzes on Cengage. Identify the key users of accounting information and explain the specific types of information each group needs.
Define financial position and clearly define each of the following key components of financial position: Explain the purpose of a Statement of Cash Flows and identify its key components.
Properly analyze, record, and post basic business transactions and show their impact on financial position.
False In a merchandising operation, the Sales account should include: Another good reality check would be to review the homework with pencil and paper.
Be sure to review the following!!!!! Define and prepare a trial balance and describe its purpose and limitations.
True 3 In evaluating a proposal to begin selling goods on credit, which of the following would not be a cause for concern? Ashton should not include the goods in inventory. Duart is to ship the goods F. Define business transaction and the separate entity and explain the importance of each of these concepts as they relate to accounting.
Review the Review Problem on page Explain the difference between a sole proprietorship, partnership, and corporation. The proper journal entry to reflect this sale would be Debit Cash, and Credit Sales. The reluctance of customers to take advantage of the service.
Define double-entry accounting and state the rules for double entry. True Inventory accounts are classified in which section of the balance sheet? Eastland should record sales of: Chapter 2 — Measuring Business Transactions Identify and explain the key measurement issues of recognition, valuation, and classification, including explanation of how these issues are generally solved.
Clearly define the terms Revenues, Expenses, and Dividends. True 2 The level of inventory purchases at the end of an accounting period will have no effect on cost of goods sold when a first-in, first-out inventory system is utilized.
Review homework questions and class notes.
Identify the purpose of an audit. Identify and define profitability and liquidity as important business goals. Identify and define financing, investing, and operating activities as key business activities.Choose from 52 different sets of cengage accounting flashcards on Quizlet.
Log in Sign up. Accounting 2: final exam cengage. Cengage Chapter 16 Managerial Accounting Concepts & Principals/Key Terms.
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Course Objectives Exam 1 Chapters 1 and 2 Principles of Financial Accounting I - Fall Top Link Bar. Michael Choman Identify the key users of accounting information and explain the specific types of information each group needs.
* Multiple Choice/True False-- Approximately 50% of the Exam * Short Answer/Problems -- Approximately .Download