Chapter 01 1. The business entity assumption requires that a business be accounted for separately from other business entities‚ including its owner or owners. 2. The four basic financial statements include the balance sheet‚ income statement‚ statement of retained earnings and statement of cash flows. 3. A balance sheet covers a period of time‚ such as a month or year. 4. The income statement shows the financial position of a business on a specific date.
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Chapter 1 Financial Statements and Business Decisions EXERCISES E1–2 Req. 1 READ MORE STORE Balance Sheet As at December 31‚ 2008 |ASSETS | |LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | |Liabilities | | |Cash |$ 48‚900
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Contents 3 Chapter 1 Introducing Financial Accounting Chapter 2 Constructing Financial Statements Chapter 3 Adjusting Accounts for Financial Statements Chapter 4 Reporting and Analyzing Cash Flows Chapter 5 Analyzing and Interpreting Financial Statements Chapter 6 Reporting and Analyzing Revenues and Receivables Chapter 7 Reporting and Analyzing Inventory Chapter 8 Reporting and Analyzing Long-Term Operating Assets Chapter 9
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CHAPTER 1 Introduction to Financial Statements Study Objectives 1. 2. 3. 4. 5. 6. Describe the primary forms of business organization. Identify the users and uses of accounting information. Explain the three principal types of business activity. Describe the content and purpose of each of the financial statements. Explain the meaning of assets‚ liabilities‚ and stockholders’ equity‚ and state the basic accounting equation. Describe the components that supplement the financial statements in an
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FINAL EXAM STUDY GUIDE The final exam consists of 100 multiple-choice questions from the information presented in Chapter 1 through Chapter 13. Each question is worth 2.5 points. This study guide indicates the items you should review before taking the exam. GOOD LUCK! CHAPTER 1 1. Know the 3 forms of business entities 2. Know the definitions of revenues and expenses 3. Know the difference between internal and external users 4. FASB – responsible for GAAP (accounting principles)
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FINANCIAL ACCOUNTING I COURSE DESCRIPTION/OBJECTIVES The primary aim of Financial Accounting is to provide students with an introduction to the process and function of financial reporting. Whilst a large proportion of the course is aimed at understanding accounting as a process‚ taking a preparers‟ perspective‚ we will also seek to develop an understanding of the importance of the role of accounting in today’s society. LEARNING OUTCOMES After studying this course the student will be able to understand:
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Accounting Principles: A Business Perspective‚ Financial Accounting (Chapters 1 – 8) A Textbook Equity Open College Textbook originally by Hermanson‚ Edwards‚ and Maher Fearless copy‚ print‚ remix(tm) www.textbookequity.com www.opencollegetextbooks.org ISBN-13: 978-1461088189 ISBN-10: 1461088186 License: CC-BY-NC-SA p. 1 of 433 About This Publication Simply put‚ you may copy‚ print‚ redistribute‚ and re-purpose this textbook or parts of this textbook provided that you give attribution
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Chapter 2 Quiz 1.) The cost of goods manufactured for a period is the amount transferred from work in process inventory to finished goods inventory during the period? (TRUE) 2.) Differential costs can only be variable costs? (FALSE) can be fixed or variable 3.) The cost of napkins put on each person’s tray at a fast food restaurant is a fixed cost? (FALSE) 4.) A fixed cost is a constant per unit of product? (FALSE) variable would be true 5.) In a manufacturing firm all costs are product costs? (FALSE)
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ASSESSING THE EFFECTIVENESS OF MODERN INTERNAL CONTROLS ON ORGANISATIONAL PERFORMANCE. A CASE STUDY OF ALERT GUARDS AND SECURITY SYSTEMS LTD BY NASWALI INNOCENT 09/U/02/AFD/GV A RESEARCH REPORT SUBMITTED TO THE SCHOOL OF MANAGEMENT & ENTREPRENEURSHIP IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF A BACHELOR OF SCIENCE DEGREE IN ACCOUNTING AND FINANCE OF KYAMBOGO UNIVERSITY SEPTEMBER 2012 DECLARATION I NASWALI INNOCENT‚ declare that this research report is my original
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Case study: Chapter 8 Kelly Korntved 1. The Case Study was written in spring of 2011. Research what has happened in Greece since the case study was written. How is Greece doing economically? Did they bounce back after the 2010 bailout? The global recession and fraudulent steps Greece took to enter the Eurozone took a catastrophic toll upon the country and its economy. In April of 2009‚ the European Union ordered Greece to reduce their budget deficits‚ along with France‚ Spain‚ and the
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