information is desired by external users of financial statements 2. Know about operating activities, investing activities, and financing activities 3. Be able to calculate net cash provided by operating activities in a simple situation (by identifying which activities are operating activities) 4. Know the definitions of asset, liability, equity, revenue, and expense 5. Know what items appear under each classification in the balance sheet 6. Know how to compute Earnings per Share
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information is desired by external users of financial statements 2. Know about operating activities, investing activities, and financing activities 3. Be able to calculate net cash provided by operating activities in a simple situation (by identifying which activities are operating activities) 4. Know the definitions of asset, liability, equity, revenue, and expense 5. Know what items appear under each classification in the balance sheet 6. Know how to compute Earnings per Share
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Accounting 200 Review for Exam 1 Chapter 1: 1. Forms of Business Organizations: a. Sole Proprietorship i. Business owned by a single person ii. Ex. If you want to start a business without outside investors b. Partnership iii. Business owned by two or more persons iv. Ex. If you want to start a business with a friend you can form a partnership c. Corporation v. Completely different from proprietorship or partnership
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accept the International Financial Reporting Standards as an alternative to the United States’ Generally Accepted Accounting Principles remains undecided. In February 2010, the SEC generated an IFRS Work Plan in order to promote the development of a single set of high-quality, globally accepted accounting standards. The Work Plan consists of six key areas. The first of these focus on the ability of IFRS to be comprehended, to be consistent, and to be enforced; it is referred to as “sufficient development
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board 10, codifications 14, crs 14, financial reporting 4, financial statements 4 Chapter 2 Assumption 54, comparability 51, completeness 49, conceptual framework 42, confirmatory value 47, conservatism 49, consistency 51, cost constraint 61, economic entity assumption 54, elements 52, basic 52, expense recognition principle 58, fair value 56, fair value option 57fair value principle 57, faithful representation 49, financial statements 60, free form error 49, full disclosure principle 60, general purpose
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Fi FINANCIAL STATEMENT ANALYSIS (section 2) ch 19 -creditors and investors use financial statement analysis to predict expected return and assess risk (variability in the return) HORIZONTAL ANALYSIS: -the study of percentage changes in comparative statements -eg. identifying that sales increased by 20% since last year is more useful than knowing sales increased by $20,000 -can be used to calculate all figures (including COGS, expenses, etc) -don’t calculate a percentage change
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F.R.A SS7 Two systems worldwide R22: Financial Statement Analysis: An Introduction R23: Financial Reporting Mechanics R24: Financial Reporting Standards The Financial Accounting Standards Board (FASB) The Statement of Financial Accounting Standards (SFAS) R25: Understanding the I/S R26:Understanding the B/S R27: Understanding the C/F R28: Financial Analysis Techniques R29: Inventories R30: Long-Lived Assets R31: Income Taxes R32: Long-Term Liabilities and Leases U.S.
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lectures1 © Path Finance, www. path2finance.com Table of Contents 1.1 Financial Statements Analysis (R 22) ..........................................................................................................2 1.1.1 Introduction ....................................................................................................................................................................2 1.1.2 Financial Statements and Other Sources .........................................................
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|Exercises |Problems | | | |Income measurement concepts. | | |12, 14, 16 |1 | | |Calculation of net income. |1, 7 |1, 2, 3 |6, 7, 8, 9 | | | |Single-step income statements; |1, 2, 4, 5, 8, 9 |4, 5, 6, 7, 10, 13,|2, 3, 4, 5, 8, 9, |
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basis requires additional calculations of Ps net income and consolidated retained earnings Under the equity method, the Parent’s net income and retained earnings equals consolidated net income and consolidated retained earnings Preparation of consolidated statements – cost and equity methods - Exhibit 5.16, page 205 Impairment testing for intangible assets with definite useful lives: two step process (page 176): o step 1: is the asset impaired? o step 2: if so, calculate impairment loss as the difference
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