UA ACCT 200 - Chapters 1-4 Review (6 pages)

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Chapters 1-4 Review

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Chapters 1-4 Review


Lecture number:
Lecture Note
University of Arizona
Acct 200 - Introduction to Financial Accounting

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ACCT 200 1st Edition Lecture 9 Outline of Last Lecture I 1 Step Income Statement II Activity 3 answers III Internal Controls IV E 4 4 V Cash VI Reconciling VII 4 2 A VIII Petty Cash Outline of Current Lecture I Chapter 1 Review II Chapter 2 Review III Chapter 3 Review IV Chapter 4 Review Current Lecture Chapter 1 Investing buying or selling long term assets such as land building equipment or vehicles Financing borrowing money or issuing stock external financing Operating revenues and expenses related to running the business day to day stuf Business forms Look up diference between proprietorship partnership or corporation Income statement Revenues minus less expenses Revenues also called sales revenues earned fees earned Statement of stockholders equity Shows changes in common stock and retained earnings Be prepared to calculate ending retained earnings Beginning retained earnings 10 000 revenues 100 000 expenses 80 000 dividends 5000 ending retained earnings 10 000 20 000 net income 5000 25 000 Balance sheet Assets 2 categories current assets net long term assets Total assets Liabilities current liabilities total liabilities Equity common stock end retained earnings Relevance should be able to confirm the value a predictive value read book Faithful representation complete neutral and free from material error Assumptions Economic entity keep diferent companies or personal and company separate can t buy personal items with company money Monetary unit can express things in dollars Periodicity can express things based on calendar regular time frames usually a month year Going concern staying in business longer than a year keep going 2 ways to test given example have to define which rule it breaks OR given name have to define which definition matches In appendix Chapter 2 Accounting equation assets liabilities equity assets liabilities common stock beginning retained earnings revenue expenses dividends Assets increase by 600 and liabilities decrease by 2000 change in

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