Financial Accounting (ACCT2200)
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Notas de lectura
Discussion of Accounting
Discussion of Accounting Why is accounting interesting? Why do we need accounting? Course objective Sophisticated financial statement user An overview of information in financial statements
mdsarfaraz
Notas de lectura
Inventory
PopularInventory is defined as goods held for sale in the normal course of business or items used in the manufacture of products that will be sold in the normal course of business
mdsarfaraz
Examen
Bank Reconciliation Statements Study material Latest Update 2023/2024
Bank Reconciliation Statements (With answers) A. Purpose of a bank reconciliation It should be prepared regularly as part of the internal control system of the business to check: a) the accuracy of the cash book b) the accuracy of the bank statement c) that undue delay is not occurring between payments, receipts and their clearance by the bank d) to discover payments made and items received by the bank not entered in the cash book B. Reasons for differences in bank statement and cash boo...
Ellisolutions
Examen
For a 5-year period, a stock had annual returns of 6.4 percent,... For a 5-year period, a stock had annual returns of 6.4 percent, -11.2 percent, 0.3 percent, 19.8 percent, and 13.4 percent. What is the arithmetic average return? Group of answer choices
For a 5-year period, a stock had annual returns of 6.4 percent,... For a 5-year period, a stock had annual returns of 6.4 percent, -11.2 percent, 0.3 percent, 19.8 percent, and 13.4 percent. What is the arithmetic average return? Group of answer choices
kraft
Otro
CyberText Solutions
CyberText Project Solutions.
JefferyClark
Lote
Corporate Accounting complete package
Administrative matters Discussion of Accounting Why is accounting interesting? Why do we need accounting? Course objective Sophisticated financial statement user An overview of information in financial statements complete information of accounting
mdsarfaraz
Notas de lectura
Current Liabilities and Contingencies
Nature and reporting of current liabilities Understand the nature and reporting requirements of contingencies Illustrate the trade-off between reliability and relevance in accounting for contingencies
mdsarfaraz
Notas de lectura
Accounting for Long-Term Debt
Extend our understanding of valuation methods beyond simple present value calculations. Understand the terminology of long-term debt Bonds – coupon and zero-coupon bonds At Par vs. Discount vs. Premium Market interest rate versus coupon rate Mortgages – Interest plus Principal paid each period Practice bookkeeping for debt issuance, interest accruals, periodic payments, and debt retirement. Understand how long-term debt affects financial statements over ti...
mdsarfaraz
Notas de lectura
Time Value of Money
Obligations that must be discharged in a short period of time (generally less than one year) Reported on balance sheet at nominal value examples: Accounts payable Short-term borrowings Current portion of long-term debt Deposits Warranties Deferred Revenues / Income
mdsarfaraz
Notas de lectura
Accounting for Leases
Understand the rationale for leasing and the distinction between operating and capital leases. Understand the Income Statement and Balance Sheet differences between operating and capital leases from the lessee’s perspective.
mdsarfaraz
Notas de lectura
Accounting for Marketable Securities
Understand when accounting departs from the “transactions- based” model and towards market-driven valuations
mdsarfaraz
Notas de lectura
Depreciation and Deferred Taxes
Tax Depreciation Accelerated depreciation No judgment in determining depreciation expense Tax Reporting ≠ Financial Reporting ==> timing differences in measurement of income Why would a firm prefer accelerated depreciation for tax purposes? Why does government allow this? Why not use the tax method for financial reporting? Different depreciation for tax and financial reporting gives rise to Deferred Taxes
mdsarfaraz
Notas de lectura
Accounting for Business Combinations
Understand that the accounting method used for acquisitions depends on the extent to which the investor exerts influence over the investee.
mdsarfaraz
Notas de lectura
Course summary of Accounting
Accounting – Mapping of actions and events into financial statements (Economic) Principles governing the accounting mapping: Objectivity, conservatism, revenue recognition, and matching
mdsarfaraz
Notas de lectura
Financial Statement Analysis
What is financial statement analysis? What is ratio analysis? The mechanics of and inferences from: Profitability ratios Risk ratios
mdsarfaraz
Notas de lectura
Receivables and Revenue Recognition
Receivables and Revenue Recognition Why do we care about revenue recognition? Criteria for revenue recognition Some Details of SAB 101
mdsarfaraz
Notas de lectura
Receivables and Revenue Recognition
ALLOWANCE FOR RETURNS Receivables and Revenue Recognition A Quick Look at Intel’s Statements
mdsarfaraz
Notas de lectura
Understand how the matching principle
Understand how differences in “book” vs. tax accounting for ,lead to deferred taxes Understand how the matching principle influences the capitalization of long-lived assets the expensing of capitalized costs to match revenues generated in the use of long-lived assets
mdsarfaraz
Notas de lectura
Long-lived Assets
What is annual depreciation expense for each of the first two years? What is book value at the end of 2nd year? How do we account for the improvement? What is annual depreciation expense for years 3 and beyond?
mdsarfaraz
Notas de lectura
Corporate Accounting
Administrative matters Discussion of Accounting Why is accounting interesting? Why do we need accounting? Course objective Sophisticated financial statement user An overview of information in financial statements
mdsarfaraz
Notas de lectura
Balance Sheet: Investments and Financing
Balance Sheet: Investments and Financing Management Discussion Auditor’s Report Consolidated Balance Sheet Consolidated Net Income Consolidated Statement of Stockholders Equity Consolidated Cash Flow Statements Notes to Accounts
mdsarfaraz