BFAR - reviewer - Basic Financial Accounting and Reporting PDF

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Summary

Basic AccountingDefinitionActivities in Business OrganizationsFundamental ConceptsGenerally Accepted Accounting PrinciplesBasic PrinciplesTypes and Effects of TransactionsAccounting CycleLocating ErrorsAdjustmentsTwo Types of Adjustments:Summary of Adjusting EntriesDepreciation Methods𝐶𝑜𝑠𝑡−𝑆𝑎𝑙𝑣𝑎𝑔𝑒 𝑉...

Description

Basic Accounting Definition

Types and Effects of Transactions

Accounting Cycle

Activities in Business Organizations

Fundamental Concepts

Locating Errors

Generally Accepted Accounting Principles

Basic Principles Adjustments

Two Types of Adjustments:

1

Summary of Adjusting Entries

Inventory Systems

Depreciation Methods 𝐶𝑜𝑠𝑡−𝑆𝑎𝑙𝑣𝑎𝑔𝑒 𝑉𝑎𝑙𝑢𝑒

100%

𝑈𝑠𝑒𝑓𝑢𝑙 𝐿𝑖𝑓𝑒

𝑈𝑠𝑒𝑓𝑢𝑙 𝐿𝑖𝑓𝑒

𝑥 𝐷𝑒𝑝𝑟𝑒𝑐𝑖𝑎𝑏𝑙𝑒 𝐴𝑚𝑡.

Value-Added Tax Entries

( 𝑈𝐿+1) 𝑈𝐿 2 1 𝑈𝐿

𝑥2 𝐶𝑜𝑠𝑡 − 𝑆𝑎𝑙𝑣𝑎𝑔𝑒 𝑉𝑎𝑙𝑢𝑒 = 𝐷𝑒𝑝 𝐸𝑥𝑝 𝑝𝑒𝑟 ℎ𝑜𝑢𝑟 𝐻𝑜𝑢𝑟𝑠 𝑜𝑓 𝑈𝑠𝑒𝑓𝑢𝑙 𝐿𝑖𝑓𝑒

Closing the Accounts

Reversing Entries

Merchandising Operations

Merchandise Inventory at the End of the Period

Source Documents

Cost of Goods Sold

Terms of Transactions Income Statement

2...