Final Exam Study Guide (8 pages)

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Final Exam Study Guide



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View the full content.
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View Full Document

Final Exam Study Guide

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Pages:
8
Type:
Study Guide
School:
University of Arizona
Course:
Acct 200 - Introduction to Financial Accounting
Edition:
1

Unformatted text preview:

ACCT 200 1st Edition Final Exam Study Guide Lecture 1 22 Lecture 1 BASIC ACCOUNTING EQUATION Assets liabilities stockholders equity Liabilities debts owed to creditors accounts payable notes payable wages payable and unearned revenue Stockholders Equity owners claim to net value of company common stock retained earnings Communicating through financial statements financial statements are periodic reports published by the company for the purpose of providing information to external users Income statement financial statement that reports only the revenues and expenses over an interval of time shows whether the company was able to generate enough revenue to cover the expenses of running the business shows if there was a net profit or loss Statement of stockholders equity financial statement that summarizes the changes in stockholders equity over an interval of time consists of common stock retained earnings Balance sheet financial statement that presents the financial position of the company on a particular date summarized by basic acct equation assets liabilities stockholders equity Statement of cash flows financial statement that measures activities involving cash receipts and cash payments over an interval of time can be classified into three categories operating cash flows investing cash flows financing cash flows Lecture 2 Assets Liabilities Equity A L com stk ret earn A L com stk beginning ret earn revenue expenses dividends Assets expenses dividends Liabilities com stk beg ret earn revenue simple math rearranging This side Dr and Cr this side Dr and Cr Lecture 3 When you pay a phone bill you have less cash asset and less retained earnings equity Cash is decreased so credited Retained earnings are going down because an expense went up and when an expense increases it is debited So for every business transaction there should be a debit and a credit Total debits must equal total credits in a trial balance the summary of the ending balance in each account is called a



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