Acct 253 - Study guides, Class notes & Summaries

AU ACCT 253 – COMPLETE TEXTBOOK Introductory Financial Accounting |Course Version 13 by Henry Dauderis & David Annand Athabasca University

Review ACCT 253 2023

Accounting - an information system that identifies, measures, records and communicates understandable, relevant, reliable, and comparable information about an organization's economic activities. bookkeeping - the recording of financial transactions, either manually or electronically, for the purpose of creating a reliable bank of data. 3 kinds of business - 1. Sole proprietorship - subject to unlimited liability 2. Partnership 3. Corporation unlimited liability - owner is responsible...

Define Accounting Accounting is the process of identifying, measuring, recording, and communicating an organization's economic activities to users for decision making Managerial Accounting Serves decision-making needs of internal users. Financial Accounting Focuses on external reporting to meet the needs of external users. List and Describe forms of business organization Proprietorship, partnership and corporation. Explain GAAP (Generally Accepted Accounting Principles) GAAP followed i...

accrual accounting - recognize revenues when earned and expenses when incurred, regardless of when cash is exchanged cash accounting - recognize revenues and expenses when cash is paid or collected accrued revenues - an asset, company provides product or service to customer before receiving payment (accts receivable) deferred revenue - a liability, company is paid before product or service is provided to customer (unearned revenue) accrued expenses - a liability, company incurs expen...

Table of Contents ABOUT TJC 9 Board of Trustees................................................................................ 9 Accreditation........................................................................................ 9 TJC Mission Statement...................................................................... 9 TJC Vision Statement......................................................................... 9 TJC Civility Statement...................................................

Exam (elaborations) Liberty University ACCT 370 Exam 4 Complete solution Liberty University ACCT 370 Exam 4 Complete solution 100% satisfied: solutions 1. Condensed financial data are presented below for the Phoenix Corporation: 2. 3. 2019 4. 5. 2018 6. Accounts receivabl e 8. 267,500 9. 10.11.$ 12.230,00 0 13. 14.Inventory 15. 16.312,500 17. 18.19. 20.257,50 0 21. 22.Total current assets 23. 24.670,000 25. 26.27. 28.565,00 0 29. 30.Intangibl e assets 31. 32.50,000 3...

Liberty University ACCT 370 Exam 4 Complete solution Liberty University ACCT 370 Exam 4 Complete solution 100% satisfied: solutions 1. Condensed financial data are presented below for the Phoenix Corporation: 2. 3. 2019 4. 5. 2018 6. Accounts receivabl e 8. 267,500 9. 10.11.$ 12.230,00 0 13. 14.Inventory 15. 16.312,500 17. 18.19. 20.257,50 0 21. 22.Total current assets 23. 24.670,000 25. 26.27. 28.565,00 0 29. 30.Intangibl e assets 31. 32.50,000 33. 34.35. 36.60,0003...