Introduction to Financial Accounting: Midterm Exam-AID by York SOS
ACTG2011
MIDTERM Exam-AID
Review Package
Tutor: Balpreet Singh (bsingh13@schulich.yorku.ca)
York SOS
1
Preface
This document was created by the York University chapter of Students Offering
Support (York SOS) to accompany our ACTG2011 Exam-AID session. It is intended for students enrolled in any sections of 2012/2013 INTRODUCTION TO
FINANCIAL ACCOUNTING II-ACTG2011 course who are looking for an additional resource to assist their studies in preparation for the exam.
References
Friedlan, John (2010). Financial Accounting: A Critical Approach – 3rd Ed.
McGraw Hill.
What is Students Offering Support?
Students Offering Support is a national network of student volunteers working together to r aise funds to r aise the quality of education and life for those in developing nations through r aising marks of our fellow University students.
This is accomplished through our Exam-AID initiative where student volunteers run group review sessions prior to a midterm or final exam for a $20 donation.
All of the money raised through SOS Exam-AIDs is funneled directly into sustainable educational projects in developing nations. Not only does SOS fund these projects, but SOS volunteers help build the projects on annual volunteer trips coordinated by each University chapter.
York SOS
2
Introduction to Financial Accounting I
Chapter 1 – What is Accounting
Accounting – System for producing information about an entity and communicating it to users for decision making
- The more and better information a person has about a situation the better decisions possible
- Information costs money
- Information is limited and thus decisions must be made on assumptions and predictions
2 Fields of Accounting
- Financial Accounting – Provides information to people who are external to the entity. (E.g.
Investors, CRA, Lenders, customers). These stakeholders must rely on entity for info
- Managerial Accounting – Field of Accounting that provides
MIDTERM Exam-AID
Review Package
Tutor: Balpreet Singh (bsingh13@schulich.yorku.ca)
York SOS
1
Preface
This document was created by the York University chapter of Students Offering
Support (York SOS) to accompany our ACTG2011 Exam-AID session. It is intended for students enrolled in any sections of 2012/2013 INTRODUCTION TO
FINANCIAL ACCOUNTING II-ACTG2011 course who are looking for an additional resource to assist their studies in preparation for the exam.
References
Friedlan, John (2010). Financial Accounting: A Critical Approach – 3rd Ed.
McGraw Hill.
What is Students Offering Support?
Students Offering Support is a national network of student volunteers working together to r aise funds to r aise the quality of education and life for those in developing nations through r aising marks of our fellow University students.
This is accomplished through our Exam-AID initiative where student volunteers run group review sessions prior to a midterm or final exam for a $20 donation.
All of the money raised through SOS Exam-AIDs is funneled directly into sustainable educational projects in developing nations. Not only does SOS fund these projects, but SOS volunteers help build the projects on annual volunteer trips coordinated by each University chapter.
York SOS
2
Introduction to Financial Accounting I
Chapter 1 – What is Accounting
Accounting – System for producing information about an entity and communicating it to users for decision making
- The more and better information a person has about a situation the better decisions possible
- Information costs money
- Information is limited and thus decisions must be made on assumptions and predictions
2 Fields of Accounting
- Financial Accounting – Provides information to people who are external to the entity. (E.g.
Investors, CRA, Lenders, customers). These stakeholders must rely on entity for info
- Managerial Accounting – Field of Accounting that provides
References: Friedlan, John (2010). Financial Accounting: A Critical Approach – 3rd Ed.