TAF2810_2020 Principles of Financial Accounting (Vaiva Kiaupaite-Grushniene)
Weekly outline
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LEARNING OBJECTIVES:
Accounting vocabulary, accounting concepts and principles, accounting equation, analyze business transactions, prepare financial statements
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LEARNING OBJECTIVES:
Use accounting terms, apply rules of debit and credit, journalize transactions, post from journal to ledger, prepare and use trial balance
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LEARNING OBJECTIVES:
Distinguish accrual and cash-basis accounting, apply revenue and matching principles, make adjusting entries, prepare adjusted trial balance
Prepare and use accounting work sheet, closing entries
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LEARNING OBJECTIVES:
Account for purchases and sale of inventory, merchandiser’s adjusting, closing entries and financial statements
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LEARNING OBJECTIVES:
Inventory costing methods: Average-cost, FIFO, LIFO, lower-of-cost or market rule, effects of inventory errors
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LEARNING OBJECTIVES:
Special journals: sales, cash receipts, purchases, cash payment and general
Control of cash, bank reconciliation and related journal entries
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LEARNING OBJECTIVES:
Control of receivables, allowance methods for uncollectible accounts, direct-write-off method, account for Notes Receivables, presentation of receivables in Balance Sheet
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LEARNING OBJECTIVES:
Measure the cost of plant asset, account for depreciation (3 methods), account for disposal and exchange of plant asset, natural resources and intangible assets
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LEARNING OBJECTIVES:
Known and estimated liabilities
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LEARNING OBJECTIVES:
Characteristics of partnership, account for partner investment, allocation of profit/losses, account for admission and withdrawal of partner, liquidation of partnership, partnership financial statements
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LEARNING OBJECTIVES:
Characteristics of corporation, record share issue, stockholder’s equity section, cash dividends, share types
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LEARNING OBJECTIVES:
Account for stock dividends, distinguish stock split and stock dividend, account for treasury stock, restrictions of retained earnings, corporate income statement
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LEARNING OBJECTIVES:
Account for bonds payable, interest expense using straight-line amortization method, retirement and conversion of bonds payable
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LEARNING OBJECTIVES:
Purpose of statement of cash flows, distinguish between operating, investing and financing activities, prepare statement of cash flows using direct and indirect method
