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Financial Accounting

This class was created by Brainscape user Danny Lopez. Visit their profile to learn more about the creator.

By: Danny Lopez
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Decks in this class (11)

CH.1 Accounting In Action
The purpose of this chapter is to show you that accounting is the system used to provide useful financial information.
21  cards
CH.2 The Recording Process
In Chapter 1, we analyzed business transactions in terms of the accounting equation and presented the cumulative effects of these transactions in tabular form. In this chapter, we will introduce and illustrate the basic procedures and records that are used.
3  cards
CH.3 Adjusting The Accounts
In Chapter 2 we examined the recording process through the preparation of the trial balance. Before we will be ready to prepare financial statements from the trial balance, additional steps need to be taken. Before financial statements can be prepared, questions relating to the recognition of revenues and expenses must be answered. With the answers in hand, the relevant account balances can then be adjusted.
8  cards
CH.4 Completing The Accounting Cycle
In this chapter we will explain the role of the worksheet in accounting as well as the remaining steps in the accounting cycle, most especially, the closing process. Then we will consider (1) correcting entries and (2) classified balance sheets.
0  cards
CH.5 Accounting For Merchandising Operations
The steps in the accounting cycle for a merchandising company are the same as the steps for a service enterprise. However, merchandising companies use additional accounts and entries which are required in recording merchandising transactions.
0  cards
CH.6 Inventories
In this chapter we will explain the procedures for determining the cost of inventory on hand at the balance sheet date. In addition, we will discuss the effects of inventory errors on a company's financial statements.
0  cards
CH.7 Accounting Principles
This chapter explores the basic accounting principles followed in developing specific accounting guidelines.
9  cards
CH.8 Internal Control and Cash
0  cards
CH.1 Accounting In Action PSSG
CH.1 Problem Solving Survival Guide
6  cards
CH.2 The Recording Process PSSG
Problem Solving Survival Guide
0  cards
CH.3 Adjusting The Accounts PSSG
Problem Solving Survival Guide
0  cards

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Financial Accounting

  • Class purpose General learning

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