Essay about No N0O No Non on

Essay about No N0O No Non on Essay about No N0O No Non on ACCT 2301 Study Guide Comprehensive Final Exam Chapter 1 Purpose and objectives of Generally Accepted Accounting Principles (GAAP). Purpose of financial reporting Purposes of and differences between financial accounting/management accounting/tax accounting Purposes/Authority of the Securities and Exchange Commission and the Financial Accounting Standards Board Chapter 2 3 primary/general purpose financial statements, nature of and reporting periods/dates covered by each. Nature of Assets, Liabilities, Equity, Revenue and Expenses. Impact of financial transactions on individual balance sheet accounts as well as Total Assets, Liabilities and Equity. Application of the Accounting Equation. Underlying theories of the Cost principle, Objectivity principle, and Going-Concern assumption. Concept of Liquidity Computation of Net Income Chapter 3 Nature of debits/credits, impact on assets, liabilities, equity, revenue, and expenses. Recording journal entries. Underlying theories of Accrual Accounting, the Matching Concept, Revenue Realization principle, and Expense Recognition rule. Impact of Net Income on owner’s equity and individual accounts affected. Nature of double-entry system of accounting. Nature of Retained Earnings and the financial statement on which it appears. Chapter 4 Purpose of adjusting entries, situations requiring and accounts that are affected by adjusting entries Impact of adjusting entries on net income 4 Types of adjusting entries Preparing adjusting entries Theory of the Realization principle Nature of â€Å"accumulated depreciation† Chapter 5 Determining net income after adjusting journal entries have been made Rollforward of Retained Earnings Nature of dividends and their effect, if any, on the various financial statements Purpose of closing entries and accounts which are affected Preparing closing entries Computing the working capital ratio (current ratio) Chapter 6 Periodic versus Perpetual Inventory systems and how cost of goods sold and ending inventory are determined under each system Computing Cost of Goods Sold, Gross Profit and the gross profit margin Deciphering Credit Terms and calculating cash discounts Journal entries necessary to record a sale under a perpetual inventory system CHAPTER 7 Determining the adjusted cash balance on the bank reconciliation Nature of the Allowance for Doubtful Accounts and the financial statement on which it appears Determining the allowance for doubtful accounts based on the balance sheet approach Journal entry necessary to state accounts receivable at their net realizable value, given the amount of uncollectible accounts and the current balance in the allowance for doubtful accounts and the impact on the financial statements Impact of writeoffs of Accounts Receivable on the net receivable balance. Nature and computation of the accounts receivable turnover rate and average days outstanding Chapter 8 – Inventory and Cost of Goods Sold Understand