Jovenmancilla22
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Class notes Financial Accounting (ACCT2200) Accounting for Merchandising Operations
1 Describe merchandising operations and inventory systems. 2 Record purchases under a perpetual inventory system. 3 Record sales under a perpetual inventory system.
- Class notes
- • 3 pages •
1 Describe merchandising operations and inventory systems. 2 Record purchases under a perpetual inventory system. 3 Record sales under a perpetual inventory system.
Class notes Financial Accounting (ACCT2200) Completing the Accounting Cycle
1 Prepare a worksheet. 2 Prepare closing entries and a post-closing trial balance. 3 Explain the steps in the accounting cycle and how to prepare correcting entries.
- Class notes
- • 3 pages •
1 Prepare a worksheet. 2 Prepare closing entries and a post-closing trial balance. 3 Explain the steps in the accounting cycle and how to prepare correcting entries.
Class notes Financial Accounting (ACCT2200) Inventories
1 Discuss how to classify and determine inventory. 2 Apply inventory cost flow methods and discuss their financial effects. 3 Indicate the effects of inventory errors on the financial statements.
- Class notes
- • 4 pages •
1 Discuss how to classify and determine inventory. 2 Apply inventory cost flow methods and discuss their financial effects. 3 Indicate the effects of inventory errors on the financial statements.
Class notes Financial Accounting (ACCT2200) Adjusting the Accounts
1 Explain the accrual basis of accounting and the reasons for adjusting entries. 2 Prepare adjusting entries for deferrals. 3 Prepare adjusting entries for accruals.
- Class notes
- • 4 pages •
1 Explain the accrual basis of accounting and the reasons for adjusting entries. 2 Prepare adjusting entries for deferrals. 3 Prepare adjusting entries for accruals.
Class notes Financial Accounting (ACCT2200) The Recording Process
1 Describe how accounts, debits, and credits are used to record business transactions. 2 Indicate how a journal is used in the recording process. 3 Explain how a ledger and posting help in the recording process.
- Class notes
- • 3 pages •
1 Describe how accounts, debits, and credits are used to record business transactions. 2 Indicate how a journal is used in the recording process. 3 Explain how a ledger and posting help in the recording process.
Class notes Financial Accounting (ACCT2200) Accounting in Action
Accounting The information system that identifies, records, and communicates the economic events of an organization to interested users. Accounting information system The system of collecting and processing transaction data and communicating financial information to decision-makers.
- Class notes
- • 4 pages •
Accounting The information system that identifies, records, and communicates the economic events of an organization to interested users. Accounting information system The system of collecting and processing transaction data and communicating financial information to decision-makers.