CliffsQuickReview Accounting Principles I

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Intro

Cliffs Quick Review Accounting Principles I

CONTENTS

PRINCIPLES OF ACCOUNTING

Financial Statements

The Accounting Equation

Financial Reporting Objectives

Generally Accepted Accounting Principles

Internal Control

ANALYZING AND RECORDING TRANSACTIONS

Analyzing Transactions

T Accounts

Double-Entry Bookkeeping

Journal Entries

The General Ledger

The Recording Process Illustrated

The Trial Balance

ADJUSTMENTS AND FINANCIAL STATEMENTS

Accrued Revenues

Accrued Expenses

Unearned Revenues

Prepaid Expenses

Depreciation The Adjustment Process Illustrated

Financial Statements

COMPLETION OF THE ACCOUNTING CYCLE

The Work Sheet

Closing Entries

The Post-Closing Trial Balance

A Summary of the Accounting Cycle

Reversing Entries

Correcting Entries

ACCOUNTING FOR A MERCHANDISING COMPANY

Recording Sales

Sales Returns and Allowances

Sales Discounts

Net Sales

Inventory Systems

Recording Purchases

Purchases Returns and Allowances

Purchases Discounts

Net Purchases and the Cost of Goods Purchased

The Cost of Goods Available for Sale and the Cost of Goods Sold Gross Profit

Financial Statements for a Merchandising Company

Adjusting the Inventory Account

Inventory Adjustments on the Work Sheet

Closing Entries for a Merchandising Company

The Work Sheet When Closing Entries Update Inventory

SUBSIDIARY LEDGERS AND SPECIAL JOURNALS

Subsidiary Ledgers

Special Journals

CASH

Cash Controls

The Petty Cash Fund

Bank Reconciliation

Credit Card Sales

RECEIVABLES

Evaluating Accounts Receivable

Estimating Bad Debts Under the Allowance Method

Factoring Receivables

Notes Receivable Recording Notes Receivable Transactions

Discounting Notes Receivable

INVENTORY

Determining Quantities of Merchandise in Inventory

The Cost of Inventory

The Valuation of Merchandise

Comparing Perpetual and Periodic Inventory Systems

Inventory Subsidiary Ledger Accounts

Cost Flow Methods

The Effect of Inventory Errors on Financial Statements

Estimating Inventories

OPERATING ASSESTS

The Cost of Property, Plant, and Equipment

Depreciation

Repairs and Improvements

The Disposition of Depreciable Assets

Natural Resources

Intangible Assets