101 Finals Study Sheet - Glendale Community College
101. Finals Study Sheet
Know difference between Sole Proprietorship, Partnership & corporation. Corporate Officers and their duties
Who declares dividends, payments and the accounts used, to close.
Increases & decreases in accounts: Purchase of assets(Cash or credit)
Payment of liabilities.
When is revenue recorded.
Classifications & Short-term liquid asset, cash equivalent.
What is covered on each financial statements.
What happens to net income, dividends.
Normal Balance of account. Increases and decreases
Unearned revenue.
Accounting cycle & definition.
Net income calculation
Deferrals & accruals.
What does depreciation do to the financial statement & net income
Depreciation Method, Journal entry, Depletion
Carrying value
What happens to the accounts If you don’t do an adjusting entry.
Adjusting Entries.
Closing Entries
Permanent & Temporary accounts.
Post Closing Trial Balance. Determine net Income.
Accounting Convention, Consistency & Comparability, Materiality, Conservatism Full Disclosure, Cost Benefit.
Financial Statements, Classification of accounts.
Ratios – know formula
Liquidity, profitability, ratios.
Merchandising vs Manufacturing, Discounts, Documents
COGS Calculation Gross Margin
Inventory-Physical, periodic and perpetual.
Internal control
Factoring /Discounting, Exchange of Assets
Allowance for uncollectible & balance in allowance account
Percent of Sales Method
Notes & interest
Maturity value
Inventory valuation & Costing
Inventory assumption
LIFO & FIFO
Lower of Cost or Market
Definitely Determinable, Estimated & Contingent Liability.
Current Liabilities, Sales Tax and Notes, Salaries Payable,
Product warranty Expense
Long Term Liabilities: Bonds, Operating Leases, Mortgages
Long Term Assets Classification, Revenue/Capital Expenditures
Intangible asset
Stocks, types and Contributed Capital, Authorized, Outstanding, etc
Cash Flow Transaction Classification: Operating, Investing, Financing
Book Value
Bond Present Value
Earnings per share Retained Earnings
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