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Summary

Useful and concise summary for all key points in Financial Accounting

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Uploaded on
08-11-2022
Written in
2022/2023

This is a handwritten summary of the introduction to financial accounting. It includes basic concepts, formulas of different ratios, and the skills to memorize and use. All the key points and fallible points are shown in this wonderful summary.

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Institution
University Of Toronto (U Of T )
Course
MGT120 (MGT120)










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Written for

Institution
University of Toronto (U of T )
Study
Commerce Economics
Course
MGT120 (MGT120)
All documents for this subject (1)

Document information

Uploaded on
November 8, 2022
Number of pages
16
Written in
2022/2023
Type
Summary

Subjects

  • accounting
  • asset
  • liability
  • turnover
  • deferral
  • depreciation
  • debt ratio
  • reconciling

Content preview

Accounting
Liabilities t
Asset SH
Equity
=




common share

retained earning

Asset

Deferral :
prepaid expense DR prepaid × X



suppy CR Cash

。
DR xx
expense
Ca prepaid expense

Unearned Revenue DR Cash IAIR
liabilitiy
CR unearned Revenue

DR unearned
revenu


CR XX Revenue




Depreciation : DR depreciation
expense
CR Accumulated Depreciation
Balance sheet : PPE :




××

Less : Accumulated Depreciation .




tccurals : Accured expense : DR salary
expense
CR
salary payable

, DRsalangexpenseDRsalangpayable.cn

cashAc uredRwenue-DRAIRCRXXRevenwec.ws
ingAccountiRevenue.eu/pense.dividendsDRXxRevenueCR
RetainedEamingDR etainedEamingCRX Epnse.BR
Re ainedEamingCRDivdendsiNetiworkingcapital.tn
TotalcurreRatio-anntAssetscmentliabiliweshgherbe.tn
ntAssets-Elalcurrentciabilitiescurren.tn
isastrongcunentRatiODebtRat.io
15




LiabilitieslttalAsse.es
=
T.at
lowerbette.ir

, summaryofReconcilingIt.ms
!
BookBalanceAddideposit.in
Bank Balance



transitiAddibankcollectims.interestirevenue.TT
receiptssubtractioutstandingchequesiisubtract.se
rvicescharge.Addorsubtract.errorsfNSFcheques.TT
payment.si/td orSubtract:er orsBal nceshe tac ount
receivable
XXLes.si/tllowancefBD
$


XXAIP.net
$




XXEstimationiDRBadDebt penseCRAl.lu ancefor BD
$8.26
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