Understanding the accounting cycle

Ebook "How to understand business finance (Second edition)" is written for those managing a business in a real market. It provides a quick and effective course in financial literacy, aimed at the pursuit of business growth, in the context of the journey of a business from initial set-up through its first year of trading. As well as learning how to understand balance sheets and profit and loss accounts, readers will also learn the principles of: market dynamics; budgeting and forecasting; fixed and variable costs;...

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Chapter 3 - The accounting information system. After studying this chapter, you should be able to: Understand basic accounting terminology; explain double-entry rules; identify steps in the accounting cycle; record transactions in journals, post to ledger accounts, and prepare a trial balance;...

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Lecture Financial Accounting (15/e) - Chapter 3: The accounting cycle - Capturing economic events. In this chapter, students will be able to understand: Identify the steps in the accounting cycle and discuss the role of accounting records in an organization, describe a ledger account and a ledger, understand how balance sheet accounts are increased or decreased, explain the double-entry system of accounting,...

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Lecture Financial Accounting (15/e) - Chapter 6: Merchandising activities. After reading the material in this chapter, you should be able to: Describe the operating cycle of a merchandising company, understand the components of a merchandising company's income statement, account for purchases and sales of merchandise in a perpetual inventory system, explain how a periodic inventory system operates,...

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Lecture Principles of financial accounting - Chapter 4: Completion of the Accounting Cycle. After studying this section will help you understand: prepare closing entries and a post-closing trial balance; explain the steps in the accounting cycle including optional steps; prepare correcting entries,...

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After studying this chapter, you should be able to: understand basic accounting terminology and double-entry rules, explain how transactions affect the accounting equation, identify the steps in the accounting cycle and the steps in the recording process,...

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In this chapter, the following content will be discussed: Understand basic accounting terminology; explain double-entry rules; identify steps in the accounting cycle; record transactions in journals, post to ledger accounts, and prepare a trial balance; explain the reasons for preparing adjusting entries.

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Forecasting equity volatility was thoroughly investigated during the past three decades. The majority based their forecasts on the dynamics of the underlying equity time series. They helped better understand the dynamics of these time series and understand different aspects of volatility. Other models went a step further to include the effect of news announcement on equity volatility. The vast majority ignored the effect of macroeconomic variable or the state of the economy.

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Among the most controversial issues in the literature, and empirical studies that have addressed the subject of bankruptcy prediction, there is certainly the understanding of what kind of indicators is most predictive in the report on time, and especially with fewer errors thorough a corporate crisis. In this regard, the present work contributes to the already vast literature that analyzes the determinants of the probability of firm default, with particular attention to the quantities contained in the accounting ratios.

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The usability of health information technology (IT) is increasingly recognized as critically important to the development of systems that ensure patient safety and quality of care. The substantial complexity of organizations, work practice and physical environments within the healthcare sector influences the development and application of health IT. When health IT is introduced in local clinical work practices, potential patient safety hazards and insufficient support of work practices need to be examined.

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After studying this chapter, you should be able to: understand basic accounting terminology and double-entry rules, explain how transactions affect the accounting equation, identify the steps in the accounting cycle and the steps in the recording process,...

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Chapter 3 - The accounting information system. After studying this chapter, you should be able to: Understand basic accounting terminology; explain double-entry rules; identify steps in the accounting cycle; record transactions in journals, post to ledger accounts, and prepare a trial balance;...

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Chapter 3 - The accounting information system. After studying this chapter, you should be able to: Understand basic accounting terminology; explain double-entry rules; identify steps in the accounting cycle; record transactions in journals, post to ledger accounts, and prepare a trial balance.

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After studying this chapter you will be able to understand: Describe a merchandiser’s cost of goods sold, how do we compute gross profit for a merchandising company? Explain why use of the perpetual inventory system has dramatically increased; identify which items are subtracted from the list amount and not recorded when computing purchase price: freight-in, trade discount, purchase discount, purchase return;...

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Chapter 1 - A framework for financial accounting. After completing this chapter, students will be able to: Describe the two primary functions of financial accounting, understand the business activities that financial accounting measures, determine how financial accounting information is communicated through financial statements, describe the role that financial accounting plays in the decision-making process.

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Appendix E - International financial reporting standards. After completing this chapter, students will be able to: Explain the reasons for differences in accounting practices across countries, understand the role of the International Accounting Standards Board (IASB) in the development of International Financial Reporting Standards (IFRS), recognize the major differences between U.S. GAAP and IFRS.

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Chapter 3 - The accounting cycle: Eend of the period. After studying this chapter, you should be able to: Understand when revenues and expenses are recorded, distinguish between accrual-basis and cash-basis accounting, demonstrate the purposes and recording of adjusting entries, post adjusting entries and prepare an adjusted trial balance.

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Chapter 4 - Cash and internal controls. After studying this chapter, you should be able to: Discuss the impact of accounting scandals and the passage of the Sarbanes-Oxley Act; identify the components, responsibilities, and limitations of internal control; define cash and cash equivalents; understand controls over cash receipts and cash disbursements; reconcile a bank statement.

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Chapter 6 - Inventory and cost of goods sold. After completing this chapter, students will be able to: Trace the flow of inventory costs from manufacturing companies to merchandising companies, understand how cost of goods sold is reported in a multiple-step income statement, determine the cost of goods sold and ending inventory using different inventory cost methods, explain the financial statement effects and tax effects of inventory cost flow assumptions,…

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Chapter 10 - Stockholders ’equity. After studying this chapter you will be able to understand: Identify the advantages and disadvantages of the corporate form of ownership, record the issuance of common stock, contrast preferred stock with common stock and bonds payable, account for treasury stock, describe retained earnings and record cash dividends,…

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