Acct 230 1st Edition Lecture 5 Outline of Last Lecture II Accounting Information Decision Making a Accounting as a Measurement Communication Process b Financial Accounting Information c Careers in Accounting Outline of Current Lecture III Accounting Information Decision Making a Careers in Accounting Current Lecture II Accounting Information Decision Making a Careers in Accounting i Careers in Accounting ii Conceptual Framework 1 Assumptions for GAAP a Economic Entity Assumption i Identify all economic events with a particular economic entity b Monetary Unit Assumption i Need a unit or scale of measurement c Periodicity Assumption i Provide information of an enterprise at regular time periods d Going Concern Assumption i Business entity will continue to operate indefinitely III Exam Review Multiple choice a Definitions to know i Assets ii Liabilities iii Equity iv Investment by owners v Distributions to owners vi Comprehensive income vii Revenues These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute viii Expenses b Sample Questions i For the past 5 years Mookie Consulting Services reported the following annual net income and dividends amounts year 1 NI 22000 D 2000 Year2 NI 17000 D 2000 Year 3 NI 9000 D 1000 Year 4 NI 14000 D 3000 Year 5 NI 25000 D 4000 If MCS Had retained earnings of 88000 at the end of year 5 what was the company s retained earnings 1 Answer 13000 ii Example Financial Statements will be on the exams iii Matching Questions iv
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