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Useful and concise summary for all key points in Financial Accounting

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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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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
$

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$

XXEstimationiDRBadDebt penseCRAl.lu ancefor BD

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Written for

Institution: University of Toronto (U of T )
Study: Commerce Economics
Course: MGT120 (MGT120)

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

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Useful and concise summary for all key points in Financial Accounting

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Why students choose Stuvia

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Frequently asked questions

Can't I just make this for free with AI?

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Can Stuvia be trusted?