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ACG 2021 – FINAL REVIEW

ACG 2021 – FINAL REVIEW. Jose Hortensi. Ch 1 – Intro Accounting. What is Accounting ? Importance of Accounting. Information System The Language of Business Transaction Analysis and the Accounting Equation ASSETS = LIABILITIES + OWNER’S EQUITY Financial Statements: Income Statement

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ACG 2021 – FINAL REVIEW

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  1. ACG 2021 – FINAL REVIEW Jose Hortensi

  2. Ch 1 – Intro Accounting • What is Accounting ? Importance of Accounting. • Information System • The Language of Business • Transaction Analysis and the Accounting Equation • ASSETS = LIABILITIES + OWNER’S EQUITY • Financial Statements: • Income Statement • Statement of Retained Earnings • Balance Sheet • Statement of Cash Flow • .

  3. Ch 2 – Analyzing and Recording Business Transactions • WHAT IS A SOURCE DOCUMENT ? • ANALIZING AND PROCESSING TRANSACTIONS: • JOURNALIZING • Posting – LEDGER • DEBITS AND CREDITS • ACCOUNTING EQUATION ANALYSIS • TRIAL BALANCE • TRIAL BALANCE • ADJUSTED TRIAL BALANCE • POST CLOSING TRIAL BALANCE

  4. Ch 3 and 4– ADJUSTING, CLOSING ENTRIES AND PREPARING FINANCIAL STATEMENTS • ACCOUNTING PERIOD • CALENDAR YEAR • FISCAL YEAR • CASH BASIS VS. ACCRUAL BASIS • WHEN IS THE REVENUE AND EXPENSES RECORDED? • ADJUSTING ENTRIES: (EFFECT ON F/S) • ACCRUALS • DEFERRALS • CLOSING PROCESS (EFFECT ON F/S) • TEMPORARAY ACCOUNTS ( I/S ACCOUNTS) • WHAT HAPPENS AT THE END TO R/E • POST CLOSING TRIAL BALANCE

  5. Ch 5 – REPORTING AND ANALYZING MERCHANDISING OPERATIONS • WHAT IS A THE MAIN DIFFERENCE W/ MERCHANDISING VS. SERVICE ? • MERCHANDISE INVENTORY IS AN ASSET • PROCESSING TRANSACTIONS FOR MERCHANDISING : • JOURNALIZING (MERCHANDISE PURCHASES) • TRADE DISCOUNTS • PURCHASE DISCOUNTS. EX. • PURCHASE RETURNS • TRANSPORTATION COST • JOURNALIZING (MERCHANDISE SALES) • SALE OF MERCHANDISE • SALES DISCOUNTS • SALES RETURNS AND ALLOWANCES

  6. Ch 6 – REPORTING AND ANALYZING INVENTORIES • INVENTORY BASICS – COST. • MAIN DIFFERENCE BETWEEN PERIODIC AND PERPETUAL INVENTORY METHODS • INVENTORY COSTING UNDER A PERPETUAL SYSTEM : • FIFO • LIFO • WEIGHTED AVERAGE • FINANCIAL EFFECT ON FINANCIAL STATEMENTS

  7. Ch 7 – CASH • INTERNAL CONTROLS FOR CASH • PETTY CASH • J/E TO SET UP • J/E TO REPLENISH • BANK RECONCILIATION • PURPOSE • TEMPLATE • J/E FOR ? • CASH SHORT AND CASH OVER • TYPE OF ACCOUNT

  8. Ch 8 – A/R • WHAT HAPPENS WITH A/R? • METHODS FOR A/R ( UNCOLLECTIBLES) • DIRECT METHOD • ALLOWANCE METHOD (GAAP) • J/E FOR BOTH METHODS: • DM • ALLOWANCE • EXTRA : ALLOWANCE (AGING RECEIVABLE METHOD OR A/R METHOD) : J/E • J/E RECEIPT OF NOTE RECEIVABLE AND PAYMENT OF N/R

  9. Ch 9 – FIXED ASSETS • DEFINITION • DEPRECIATION J/E • A/D TYPE OF ACCOUNT • DEPRECIATION METHODS: • SLM • UNITS OF PRODUCTION • DDB • J/E FOR ASSET SOLD OR DISPOSED • INTANGIBLE ASSETS ( DEFINITION) AMORTIZATION • EXPENDITURES VS. CAPITAL EXPENDITURES

  10. Ch 10 – CURRENT LIABILITIES & PAYROLL • DEFINITION • J/E FOR SHORT TERM NOTES PAYABLE • ISSUANCE • PAYMENT • GENERAL IDEA ON PAYROLL TAXES FOR EMPLOYEE AND EMPLOYER

  11. Ch 11 – CORPORATIONS EQUITY • CHARACTERISTICS OF A CORPORATION • BENEFITS • DISADVANTAGES • COMPONENTS OF STOCKHOLDERS EQUITY • J/E ISSUANCE OF C/S AND PREFERRED STOCK • J/E CASH DIVIDEND DECLARED AND PAID • J/E PURCHASE AND SALE OF TREASURY STOCK • REPORTING STOCKHOLDERS’ EQUITY

  12. ANY QUESTIONS… • Good Luck and Study Hard…

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