Accounting 201 Final Study Guide Essay Example for Free

Accounting 201 Final Study Guide Essay When are expenses recognized? Name the accounting concepts that answer these questions. What are the four financial statements? What is the purpose for each? Does each report for a period of time or for a point in time? Be able to calculate the change in stockholders’ equity for a period based on information contained in the retained earnings statement. What is GAAP? Who is the body currently responsible for establishing GAAP? What governmental agency has oversight authority over the accounting profession? What is an audit? What is the purpose of an independent audit? Who can perform an audit? What is the sequence of the accounting cycle? Define the following terms related to the accounting cycle: -chart of accounts -journal -ledger -trial balance -adjusting entries -adjusted trial balance -closing entries -post-closing trial balance -posting -journal entry -debit -credit -t-account Be familiar with account classification. What are the five major categories of accounts? What is a contra account? Be able to analyze transactions using the debit/credit rules. What is a compound journal entry? How is an account’s balance determined? What is meant by the term normal balance? Be able to calculate an account balance. When are adjusting entries prepared? Why are they necessary? What are some rules that apply to all adjustments? Review the handout you were give regarding adjusting entries. What do the following accounting concepts mean? -going concern -cost-benefit -materiality -consistency -revenue recognition/realization -matching Which of the accounting concepts listed above form the basis for accrual basis accounting? What are the three closing entries? What is the purpose of closing entries? What is the format for a bank reconciliation? Which reconciling items require that a journal entry be made to recognize them? Be aware of the formulas to calculate some of the commonly used financial ratios, including: -current ratio -working capital -quick ratio How are the following items calculated? -net sales -cost of goods sold What is the difference between a periodic inventory system and a perpetual inventory system? What are internal control procedures? What are the four primary reasons for establishing internal controls? What are some common examples of internal control procedures? Define the following terms with regard to notes receivable/notes payable: -principal -interest -maturity date -maturity value Be able to calculate ending inventory and cost of goods sold under the following inventory cost allocation methods: -average costing -FIFO (first-in, first-out) -LIFO (last-in, first-out) Be able to define the following terms related to long term assets: cost -residual value/salvage value/trade-in value depreciable cost -book value -service life/useful life -depreciation -accumulated depreciation -depletion -amortization Be able to calculate depreciation using the following methods: -straight line -units of production -double declining balance How is the cost of a group/bundled purchase of assets allocated? What is the difference between the direct write off method and the allowance method of recognizing bad debts? Which one is p referred by GAAP? Why? Be able to define the following terms related to bonds payable: -bond indenture -debenture -secured bond coupon bond -registered bond -convertible bond -callable bond -term bond -serial bond -sinking fund When will a bond sell at a discount? At a premium? Be able to determine the issue price of a bond based on its market price quote. What are the rights of bondholders? Of common stockholders? Of preferred stockholders? Be able to define the following terms related to stock: -common stock -preferred stock -dividends in arrears -par value -treasury stock -dividend declaration date -date of record -dividend payment date -stock dividend -stock split -book value

Point Paper :: essays research papers

10 point plan to improve oversight of financial reporting process. 10 point plan to improve oversight of financial reporting process The New York Stock Exchange and The Blue Ribbon Committee saw a need for improvement in corporate auditing. They released a report of IO far-reaching recommendations intended to improve the quality of corporate financial reporting, Point # 1. Revise the definition of independent director. They say the definition should read as follows * Members of the audit committee should be independent and have no relationship with the corporation that may interfere with the exercise of their independence from management and the corporation. Point # 2 Require an independent audit committee. This point states that * (NYSE) and the (NASD) Should require companies meeting the size criteria (large) should have an audit committee made up of independent directors. Point # 3 Mandate minimum audit committee sizes and increased financial literacy. Companies that meet the size criteria (large) should have an audit committee comprised of a min imum of three directors. Furthermore, at least one of the members should have accounting or related financial management expertise, Point # 4 Mandate written charter detailing responsibilities and duties. Adopt a formal written charter approved by the full board of directors that specifies the scope of the committee's responsibilities, and to review and reassess the adequacy of the audit committee charter on an annual basis. Point # 5 Mandate annual i3ublic disclosure of audit committee activities The (SEC) should require proof from the committee that it has adopted a formal written charter, and to see if the committee satisfied it responsibilities under the charter. These findings also should be disclosed in the annual report to the stockholders. Point # 6 Clarify oversight responsibility for outside auditors. It should be specified that the outside auditor is ultimately accountable to the board of directors and the audit committee as representatives of the shareholders. Point # 7 Mandate discussion with outside auditor regarding independence. The rules should require that the audit committee is responsible for ensuring the receipt from the outside auditor of a formal written statement delineating all relationships between the auditor and the company, that is consistent with (ISBS) And to make sure there is no foul play. Point # 8 Require outside auditor to discuss quality of financial reporting-. (GAAS) Should require that a company's outside auditor discuss with the audit committee the auditor's judgments about the quality.

Overcoming Adversity to Become a Better Person Essay

In every person’s life, facing adversity and overcoming it is one of the biggest challenges that there is. People struggle with different types of adversities and while there some people who manage to overcome them, others are not so lucky and find themselves entangled in a web of problems for their entire lifetime. However, as painful and problematic as they are, adversities are important in that if a person successfully overcomes them, they become stronger in character and as a human being as well. This paper is a discussion of the adversities I have faced as a foreign student having relocated from Saudi Arabia to the United States. The paper will also address family, cultural and personal tradition that are meaningful to my country of origin. Specific adversities I have faced and how these experiences have made me a better person                     One of the major challenges faced by any international student would be the issue of relocating to another country to further one’s studies (Long, 2005).   In my case, it was not any different since I have faced numerous adversities some of which I still struggle to overcome. My country of origin is Saudi Arabia, which means that the major language of communication is Arabic. However, with the relocation to America, this meant that I had to learn English as a second language which is the main language spoken by American citizens. Initially, learning another language was very challenging since the language is not even closely related to Arabic. Communicating with other students in class was very problematic since I could not understand very well what some of them were saying. On the other hand, I would find it difficult to shop for most of the items on the shelves are named in English. Another major adversity I faced is the culture shock of b eing away from an environment and people I had become used to interact with on a daily basis. The culture of Saudi Arabia is very much different from what I have experienced here in the United States. The roles of religion, gender, family and education all differ when I compare them to that of the American culture. In Saudi Arabia, our culture dictates that people should live together in harmony as a family, but in America, this is entirely different. I found it very difficult to adjust to this life since it is not what I was accustomed. However, I have managed to overcome most of these adversities and they have contributed to making me a better person. For instance, now I can speak another language besides Arabic and I have experienced a different culture besides that one of my country. A family, cultural or personal tradition that is meaningful to me                     In Saudi Arabia, the country, mainly comprises of an Islamic culture with almost every citizen being a Muslim (Ham and Madden, 2004).  In this regard, there are many families, cultural or personal traditions that we uphold and believe contribute a lot in defining who we are as a nation (Long, 2005).  One of the most important tradition to us is that women are not allowed to drive in Saudi Arabia. The reason for this is that the Islamic establishment ruled that it is a law that every woman should have a male guardian accompanying them wherever they go (Ham and Madden, 2004).  To us, this tradition is important since it gives the man control over her wife and family. If a woman wants to drive, she can only do so with the permission of her husband who instead prefers to drive her. This way, the Saudi Arabian culture ensures that men are the head of the home while the woman is their helper and has to listen to whatever he says. The person I would like to spend a day with (living, deceased or imaginary) and why                     One of the people I would like to spend a day with must be my grandmother who unfortunately passed on five years ago. She was one of my favorite relative and person that I found interesting to spend time with. She always gave me a lot of advice about life and how I should carry out myself in the presence of other people. In addition, my grandmother guided me to stay strong in my faith in Islam and to never forget to say my usual prayers every day. Moreover, my grandmother was a very good cook who loved preparing delicious meals whenever I went to visit her. After the food was ready, I would help her serve it and we would both enjoy it as she gave me stories about our culture and how it originated. She was a very wise woman who knew a lot of things about life in both the present and the past. If she was alive today, I am sure I would still be enjoying her company very much. In conclusion, struggling to overcome adversities is not very easy but once a person makes to overcome them, they become a much stronger person. In my case, I have learnt to overcome adversities related to relocating to the United States alone, which has made me a much better person. In fact, I have more friends who are not from my country of origin. Furthermore, I have explained why the tradition of women is important to Saudi Arabian citizens since it is one of the ways that men are able to assume total control over their women. I have also cited that my grandmother was one of the people that I would desire to spend more time with, were she alive today. All in all, it is these occurrences that have contributed to shaping the person I am today. References Ham, A., Brekhus, M., & Madden, A. (2004).  Saudi Arabia. Footscray, Vic: Lonely Planet. Long, D. E. (2005).  Culture and customs of Saudi Arabia. Westport, Conn. [u.a.: Greenwood Press. Source document

How serious was the radical threat facing pitt in the...

How Serious Was the Radical Threat Facing Pitt In The Period 1789-1801? The French revolution broke out in 1789, and while at first Britain was pleased and welcomed the changes that the revolution brought to France (i.e. the new constitutional monarchy mirrored Britains political system in many ways.) Pitt and his government began to become worried when the revolution in France stepped up a gear and became more extreme, they obviously didnt want a repeat of the French experience in Britain. The outcome of the revolution was inevitable and in 1792 when France became a republic, it was also the start of a period of time (1793-1794) that became known as revolutionary terror. Revolutionary terror is essentially force used or implemented†¦show more content†¦Another threat to Britain was individuals such as Tom Paine ( English-American political activist, author, political theorist and revolutionary) who wrote two hugely influential pamphlets and the start of the American War of Independence (AWOI) and the development of Britains society e.g. Workin g classes stepping up, made the threat of radicalism seem very, very real. Pitt obviously wanted to stop the threat of revolution on Britain from spreading and in my opinion he did this effectively, he introduced as number of repressive laws, the main three being the Treason act, Seditious Meeting acts and the Combination acts. The Treason act was introduced in 1795 after the stoning of King George III on his way to parliament. The act made it high treason to; within the realm or without compass, imagine, invent, devise or intend death or destruction, or any bodily harm tending to death or destruction, maim or wounding, imprisonment or restraint, of the person of ... the King. This act was taken from the 1661 Sedition act which had expired and was meant to expire upon the death of George III but was made a permanent act by the Treasons act of 1817. The Seditious Meeting act was also introduced in 1795. Its purpose was to restrict the size of public meetings to fifty persons. It also required a magistrates license for lecturing and debating halls where admission was charged and