Review for Exam 1 - yea PDF

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ACC 400/600 REVIEW FOR EXAM 1 Introduction to the Accounting Profession 1.

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Public Accounting a. Assurance Services b. Management Consulting Services c. Tax and Financial Planning d. Forensic Accounting e. Information Technology (IT) Services f. International Accounting g. Accounting and Bookkeeping Services Corporate Accounting a. Financial Accounting b. Management Accounting c. Budget Analysis d. Tax Accounting Internal Auditing Internal Revenue Service Other Governmental Agencies

Professional Certifications 1.

2. 3.

Certified Public Accountant (CPA) requirements in Nevada a. Education Requirement b. CPA Exam c. Experience Requirement d. Rules of Professional Conduct (Ethics) exam Certified Management Accountant (CMA) Certified Internal Auditor (CIA)

Chapter 1 – Environmental and Theoretical Structure of Financial Accounting 1. 2. 3. 5. 6. 7.

Definition of accounting Securities and Exchange Commission (SEC) Development of Financial Accounting and Reporting Standards FASB’s Current Standard-Setting Process International Accounting Standards (IFRS) Know the names (and proper spelling) of the Big 4 accounting firms

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Conceptual Framework 1. Fundamental Qualitative Characteristics a. Relevance  Predictive Value  Confirmatory Value  Materiality b. Faithful Representation  Completeness  Neutrality  Free from Material Errors 2. Enhancing Qualitative Characteristics a. Comparability/Consistency b. Verifiability c. Timeliness d. Understandability 3. Constraint - Cost effectiveness b. 4. Underlying Assumptions of GAAP a. Economic Entity Assumption b. Going Concern Assumption c. Periodicity Assumption d. Monetary Unit Assumption 5. Recognition a. Revenue Recognition b. Expense Recognition 6. Measurement a. Historical cost b. Net realizable value c. Current cost d. Present (or discounted) value of future cash flows e. Fair Value Fair Value Option Full Disclosure Principle

Chapter 2 – Review of the Accounting Process 1. 2. 3. 4. 5.

Adjusting Entries Closing Entries Reversing Entries Trial Balances Financial Statements

Chapter 7A&B – Cash and Receivables 1. 2. 3. 4. 5. 6.

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Internal Controls for Cash Bank Reconciliations Petty Cash Gross vs. Net Method of Accounting for Cash Discounts Sales Returns and Allowances Uncollectible Accounts Receivable a. Allowance Methods 1. Income Statement Approach 2. Balance Sheet Approach b. Direct Method Collection of Previously Written-off Accounts

Speakers:  Mr. John Page and Ms. Kayla Jimenez (PwC)  Ms. Margarita Mendy (Switch)...