Identify and explain the key components of the following financial statements and be able to create each including proper formatting given a set of numbers: Identify and define financing, investing, and operating activities as key business activities.
Identify and define profitability and liquidity as important business goals.
Review the Review Problem on page Furthermore, be able to justify which financial statement s is most useful for each goal. Be able to easily identify the normal balance for each set of account classifications: Define and prepare a trial balance and describe its purpose and limitations.
Be able to give examples of each.
Define chart of accounts, identify the key account classifications, and place classifications in their proper order. Also identify which form of ownership accounts for the most of business and which form of ownership accounts for the biggest receipts revenue.
Clearly define the terms Revenues, Expenses, and Dividends. Explain the purpose of a Statement of Cash Flows and identify its key components. Identify the key users of accounting information and explain the specific types of information each group needs. Be sure to review the following!!!!!
Chapter 2 — Measuring Business Transactions Identify and explain the key measurement issues of recognition, valuation, and classification, including explanation of how these issues are generally solved. Review homework questions and class notes.
Explain the difference between Financial and Management accounting and give examples of the types of information each provides.
Define financial position and clearly define each of the following key components of financial position: Identify the purpose of an audit.How do I study for an accounting final exam? Here are my suggestions for studying for an accounting final exam (assuming it is the first course covering financial accounting): Our PRO members area also offers 57 Quick Tests containing more than 1, practice questions with answers.
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