ISU ACCT 284 - Suggestions for the Final (5 pages)

Previewing pages 1, 2 of 5 page document View the full content.
View Full Document

Suggestions for the Final



Previewing pages 1, 2 of actual document.

View the full content.
View Full Document
View Full Document

Suggestions for the Final

175 views


Pages:
5
School:
Iowa State University
Course:
Acct 284 - Financial Accountng

Unformatted text preview:

Suggestions for the Final I have composed a list of suggestions for Exam II based on my attendance in class and key points that Dr Mazzitelli talks about None of these are certain topics questions on the exam and are based on my experience of accounting exams Chapter 1 1 Make sure you know the equations for the balance sheet Net Income Retained Earnings and cash flows statements 2 Under the cash flow statement any operating activities are on the income statement assets are under investing activities and liabilities and contributed capital come under financing activities 3 Management is responsible for the information in the financial statements 4 Know the difference between sole proprietorships and partnerships 5 Know advantages and disadvantages of corporations Chapter 2 3 1 Know the relationships between the 3 basic equations NI End RE and Balance sheet 2 Read over the accounting assumptions 3 Know the difference between the cash and accrual basis of accounting Chapter 4 1 If cash precedes the recognition of revenue or expense have a deferral 2 If cash is after the recognition of revenue or expense have an accrual 3 Make sure you know a few examples of each to aid in your understanding of the two 4 Adjustments NEVER involve cash and affect both the I S and the B S 5 Depreciation and amortization are non cash transactions Chapter 5 1 Two accounting constraints a Materiality is it large enough to influence decisions b Conservatism always understate assets and income 2 Par value a The amount to credit to common stock is calculated by multiplying the number of shares X PAR VALUE b Any amount in excess of PAR VALUE is credited to Paid In Capital 3 Three unique income items a Discontinued operations extraordinary items and the cumulative effect of change in accounting principle b Present ALL NET OF TAX c Extraordinary items are unusual in nature AND infrequent in occurrence 4 Profitability ratio a Return on Equity ROE Chapter 6 1 Credit card sales a Treat credit card



View Full Document

Access the best Study Guides, Lecture Notes and Practice Exams

Loading Unlocking...
Login

Join to view Suggestions for the Final and access 3M+ class-specific study document.

or
We will never post anything without your permission.
Don't have an account?
Sign Up

Join to view Suggestions for the Final and access 3M+ class-specific study document.

or

By creating an account you agree to our Privacy Policy and Terms Of Use

Already a member?