这是一篇来自美国的关于会计测试的金融代写

 

Chapter 1& 2

  • Forms of business organizations & characteristics (Proprietorship, Partnership, & Corp.)
  • Financial Statements & the components & their interrelationships

Income Statement

Statement of Retained Earnings

Classified Balance Sheet – including subtotal calculations

Statement of Cash Flows

Notes to Financial Statements & Auditor’s Report

  • FASB~ GAAP, IASB~ IFRS
  • Objective of financial reporting (& related fundamental qualities)

Chapter 3

  • Asset = Liabilities + Stockholder’s Equity (Balance Sheet equation) – calculating for unknowns.
  • Debits / Credits (know rules and effects on type of account)
  • Normal Balances of accounts
  • Analyze Transactions – how each debit and credit impacts the accounting equation and related financial statements
  • How failing to record an entry impacts the accounts and accounting equation
  • Preparing journal entries
  • Using T-accounts
  • Trial Balance
  • Distinguish difference from trial balance and financial statements

 Chapter 4

· Revenue Recognition Principle

  • Adjusting entries: Prepaid expenses (including Depreciation), unearned revenues,  accrued expenses, accrued revenues

Understand how a journal entry affects the accounting equation or financial statements and how failing to do adjustments impact the accounts and accounting equation.

  • Adjusted Trial Balance
  • Prepare financial statements from an adjusted trial balance
  • Closing process

Permanent accounts versus Temporary accounts

Result of closing process (what accounts still have balances?)

 

Chapter 1 and 2

Pros Cons_________

Proprietorships

 

Partnerships

 

Corporations

 

Financial Statements & How They Are Connected

 

  1. Income Statement

 

  1. Of Retained Earnings

 

  1. Balance Sheet

 

  1. Statement of Cash Flows

 

Solving for Ending Retained Earnings

 

Using Accounting Equation

If A = 6,000, SE = 2,000, L = ?

If L ↑ 4,000, SE ↓ 1,000, then A?

FASB _________________ Standards Board (____ standard-setting body)

 GAAP____________________ Accounting Principles (____ rules for financial reporting)

 IASB ____________________ Standards Board (________ standard-setting body)

 IFRS ____________________ Reporting Standards (______ rules for financial reporting)

 Objectives of Financial Reporting

To provide useful information.  Should have two fundamental qualities:

1.

2.

Classified B/S (7 sections)

1.

2.

3.

4.

5.

6.

7.

Chapter 3

Rules

Expanded Accounting Equation

 If A = 20,000, L = 7,000, CS = 5,000, Beg. R/E = 1,000, Rev = 12,000, Divs = 2,000, then what are Expenses?

Normal Balances to Accounts

Normal balance is the side where INCREASES in the account are recorded.

Journal Entry Practice (Also ask yourself: How is accounting equation impacted? Which F/S’s are impacted?)

  1. Perform service for cash
  2. Perform service on account
  3. Customer pays what they owe you
  4. Buy supplies on account
  5. Buy printing for cash
  6. Buy printing on account
  7. Pay off A/P
  8. Prepay rent
  9. Issue shares of CS

Chapter 4

Revenue Recognition-

 Example: Jan. 2nd ordered jumping castle.  Jan. 25th party with jumping castle.  Jan. 27th got bill in mail.  Feb. 2nd paid bill.  When does jumping castle company recognize revenue?

AJE’s (Impacts on accounts & impacts if fail to record AJE’s)

Deferrals

 Prepaid Expense (_________ before ________ recorded: insurance, supplies, advertising, rent, PP&E)

Example 1:Initial entry: Dr. Supplies 15,000, Cr. Cash 15,000

-AJE for use of 5,000:

-OR AJE if 8,000 of supplies remain:

-If fail to make AJE:

Example 2:Initial entry: Dr. Equipment 20,000, Cr. Cash 20,000

-AJE for 2,000 annual depreciation:

Unearned Revenue (____________ before _______ recorded: season tickets, airline tickets, gift cards, client deposits)

 Example: Initial entry: Dr. Cash 10,000, Cr. Unearned Revenue 10,000

-AJE for earning 2,000:

-OR AJE if 6K of unearned rev. remains:

-If fail to make AJE:

Accruals

 Accrued Expense (Exp. Recorded ________ cash paid: bills, interest exp., tax, salaries)

Example: $700 of unrecorded salaries earned during last 3 days of period:

-If fail to make AJE:

Accrued Revenue (Rev. recorded ________ cash received: rent, interest rev., services)

Example: Unbilled services of $500:

-If fail to make AJE:

Closing the Books

 Temporary Accounts

Permanent Accounts

TB and Adjusted TB

Steps


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