Канал: Stephen Nohga

What is a stock dividend

What is a stock dividend

Understand the balance sheet modification necessitated by a stock split

Understand the balance sheet modification necessitated by a stock split

Know that journal entries are not needed for stock splits

Know that journal entries are not needed for stock splits

Differentiate between a stock split and a stock dividend, and the related accounting significance

Differentiate between a stock split and a stock dividend, and the related accounting significance

Explain the probable impact on market value of stock splits and stock dividends

Explain the probable impact on market value of stock splits and stock dividends

Be able to give reasons for issuing stock dividends

Be able to give reasons for issuing stock dividends

Be able to provide computations demonstrating the impact of stock dividends on equity accounts

Be able to provide computations demonstrating the impact of stock dividends on equity accounts

Be able to prepare journal entries for small and large stock dividends

Be able to prepare journal entries for small and large stock dividends

Be able to give reasons for issuing stock dividends

Be able to give reasons for issuing stock dividends

Can retained earnings be increased or decreased as a result of treasury stock transactions

Can retained earnings be increased or decreased as a result of treasury stock transactions

Do gains and losses arise on treasury stock transactions

Do gains and losses arise on treasury stock transactions

Prepare journal entries for treasury stock transactions, including reissuances

Prepare journal entries for treasury stock transactions, including reissuances

What is treasury stock, and where is it positioned on a balance sheet

What is treasury stock, and where is it positioned on a balance sheet

Be able to perform dividend calculations in cases involving cumulative and noncumulative preferred

Be able to perform dividend calculations in cases involving cumulative and noncumulative preferred

Note the thorough nature of the capital stock descriptions on the face of the balance sheet

Note the thorough nature of the capital stock descriptions on the face of the balance sheet

Be able to prepare a complete stockholders’ equity section for a corporate entity

Be able to prepare a complete stockholders’ equity section for a corporate entity

Note the distinction between “additional paid in capital” and “total paid in capital ”

Note the distinction between “additional paid in capital” and “total paid in capital ”

Define “legal capital ”

Define “legal capital ”

How are declared but unpaid dividends reported in the financial statements

How are declared but unpaid dividends reported in the financial statements

When are journal entries recorded for dividend transactions

When are journal entries recorded for dividend transactions

Describe the important dates that pertain to dividends

Describe the important dates that pertain to dividends

How is stock accounted for that is issued for assets other than cash

How is stock accounted for that is issued for assets other than cash

Be able to prepare complete journal entries to record the issuance of par value stock

Be able to prepare complete journal entries to record the issuance of par value stock

What is the significance of par value

What is the significance of par value

What is meant by the term “convertible”

What is meant by the term “convertible”

What is meant by the term “callable”

What is meant by the term “callable”

Distinguish between common and preferred stocks, carefully detailing the rights and features

Distinguish between common and preferred stocks, carefully detailing the rights and features

Generally describe the regulatory environment for issuing stock to the public

Generally describe the regulatory environment for issuing stock to the public

Cite and explain the disadvantages of the corporate form of organization

Cite and explain the disadvantages of the corporate form of organization

What is a prospectus

What is a prospectus

Cite and explain the advantages of the corporate form of organization

Cite and explain the advantages of the corporate form of organization

Describe the process by which a corporation is formed, and how business operations begin

Describe the process by which a corporation is formed, and how business operations begin

Define the essence of the corporate form of entity

Define the essence of the corporate form of entity

Express a basic level of understanding regarding the accounting for leases

Express a basic level of understanding regarding the accounting for leases

Differentiate between a liability and a commitment, and understand that significant commitments

Differentiate between a liability and a commitment, and understand that significant commitments

Be able to express an understanding of debt analysis, including cautionary caveats

Be able to express an understanding of debt analysis, including cautionary caveats

Know how to calculate the times interest earned ratio #financialstatement

Know how to calculate the times interest earned ratio #financialstatement

Know how to calculate the debt to total assets and the debt to equity ratios #financialstatement

Know how to calculate the debt to total assets and the debt to equity ratios #financialstatement

Understand the potential impact of a bond retirement

Understand the potential impact of a bond retirement

Determine the appropriate procedures for bonds issued between interest payment dates

Determine the appropriate procedures for bonds issued between interest payment dates

Use the effective interest method to account for a bond issued at a discount #financialstatement

Use the effective interest method to account for a bond issued at a discount #financialstatement

Use the effective interest method to account for a bond issued at a premium #financialstatement

Use the effective interest method to account for a bond issued at a premium #financialstatement

Understand how bonds are presented on a balance sheet, whether issued at par, a premium, or discount

Understand how bonds are presented on a balance sheet, whether issued at par, a premium, or discount

Use the straight line method to account for a bond issued at a discount #financialstatement

Use the straight line method to account for a bond issued at a discount #financialstatement

Be able to describe when a bond is issued at a discount, and prepare journal entries

Be able to describe when a bond is issued at a discount, and prepare journal entries

Use the straight line method to account for a bond issued at a premium #financialstatement

Use the straight line method to account for a bond issued at a premium #financialstatement

Be able to describe when a bond is issued at a premium, and prepare journal entries for its issuance

Be able to describe when a bond is issued at a premium, and prepare journal entries for its issuance

Prepare journal entries for the entire life cycle of a bond issued at par

Prepare journal entries for the entire life cycle of a bond issued at par

Be able to calculate the issue price for a bond #financialstatement #fact

Be able to calculate the issue price for a bond #financialstatement #fact

Understand why present value is important to bond pricing calculations #financialstatement

Understand why present value is important to bond pricing calculations #financialstatement

What factors will generally impact the issue price of a bond #financialstatement

What factors will generally impact the issue price of a bond #financialstatement

Identify the different types of bonds and their key features

Identify the different types of bonds and their key features

Review and understand bond terminology #financialstatement #businessfinance

Review and understand bond terminology #financialstatement #businessfinance

Describe the basic characteristics of a bond #financialstatement #businessfinance #fact

Describe the basic characteristics of a bond #financialstatement #businessfinance #fact

Know that electronic spreadsheets frequently include functions that can be used to calculate note

Know that electronic spreadsheets frequently include functions that can be used to calculate note

Calculate and account for amounts related to notes payable that include level payments of principal

Calculate and account for amounts related to notes payable that include level payments of principal

Define “present value,” and know the computations and how to use present value tables for lump sum

Define “present value,” and know the computations and how to use present value tables for lump sum

Define “future value,” and know the computations and how to use future value tables for lump sum

Define “future value,” and know the computations and how to use future value tables for lump sum

Understand compound interest concepts and calculations #financialstatement #fact

Understand compound interest concepts and calculations #financialstatement #fact

Be able to account for a simple term note payable #financialstatement #fact #businessfinance

Be able to account for a simple term note payable #financialstatement #fact #businessfinance

What is the operating cycle #financialstatement #businessfinance

What is the operating cycle #financialstatement #businessfinance

Generally, describe postretirement health care benefits and the related accounting consequences

Generally, describe postretirement health care benefits and the related accounting consequences

Generally, describe the nature of a defined contribution pension plan #financialstatement

Generally, describe the nature of a defined contribution pension plan #financialstatement

Be able to describe the appropriate accounting for vacation pay #financialstatement

Be able to describe the appropriate accounting for vacation pay #financialstatement

What criteria signal the need to record a liability for a future period of compensated absence

What criteria signal the need to record a liability for a future period of compensated absence

What is a compensated absence #financialstatement #fact #businessfinance

What is a compensated absence #financialstatement #fact #businessfinance

Describe the importance of maintaining accurate payroll records #financialstatement

Describe the importance of maintaining accurate payroll records #financialstatement

Be able to record the payroll taxes levied on the employer #financialstatement

Be able to record the payroll taxes levied on the employer #financialstatement

In addition to an employee’s salary or wages, what other costs must an employer incur

In addition to an employee’s salary or wages, what other costs must an employer incur

What is a W 2, and what is a W 4 #fact #businessfinance

What is a W 2, and what is a W 4 #fact #businessfinance

Be able to record journal entries for payroll and withholdings #financialstatement #fact

Be able to record journal entries for payroll and withholdings #financialstatement #fact

How do income taxes and other deductions enter into the calculation of net pay #financialstatement

How do income taxes and other deductions enter into the calculation of net pay #financialstatement

Identify the nature of social security and Medicare taxes, and understand the calculations related

Identify the nature of social security and Medicare taxes, and understand the calculations related

Distinguish between gross pay and net pay #financialstatement #fact #businessfinance

Distinguish between gross pay and net pay #financialstatement #fact #businessfinance

What is a 1099 #financialstatement #fact #businessfinance

What is a 1099 #financialstatement #fact #businessfinance

What is the significance of the distinction between an employee and an independent contractor #fact

What is the significance of the distinction between an employee and an independent contractor #fact

Be able to account for warranties #financialstatement #businessfinance

Be able to account for warranties #financialstatement #businessfinance

How does timing of events give rise to the recording of contingencies #financialstatement

How does timing of events give rise to the recording of contingencies #financialstatement

Describe the criteria that apply in accounting for contingencies #financialstatement

Describe the criteria that apply in accounting for contingencies #financialstatement

What is a contingent liability #financialstatement #fact #businessfinance

What is a contingent liability #financialstatement #fact #businessfinance

Know about truth in lending rules #financialstatement #fact

Know about truth in lending rules #financialstatement #fact

Be comfortable with the accounting for notes payable, including notes with interest included

Be comfortable with the accounting for notes payable, including notes with interest included

Know key features of borrowing agreements, and how they can impact the cost of borrowing #financials

Know key features of borrowing agreements, and how they can impact the cost of borrowing #financials

Understand the nature of notes and the related interest calculations #financialstatement

Understand the nature of notes and the related interest calculations #financialstatement

Describe the nature and financial statement presentation of collections for third parties

Describe the nature and financial statement presentation of collections for third parties

Why is a customer prepayment shown as a current liability

Why is a customer prepayment shown as a current liability

What is an accrued liability #financialstatement #businessfinance #fact

What is an accrued liability #financialstatement #businessfinance #fact

Why is the current portion of long term debt presented as a current liability

Why is the current portion of long term debt presented as a current liability

Identify typical current liabilities

Identify typical current liabilities

Provide a definition for current liabilities #financialstatement

Provide a definition for current liabilities #financialstatement

Be able to name several specific types of intangibles, and understand the how their lives would be

Be able to name several specific types of intangibles, and understand the how their lives would be

Know how to calculate, record, and present amortization in the financial statements

Know how to calculate, record, and present amortization in the financial statements

Define the term “amortization ” #financialstatement #fact #businessfinance

Define the term “amortization ” #financialstatement #fact #businessfinance

What is the difference between the accounting for an intangible #financialstatement

What is the difference between the accounting for an intangible #financialstatement

What types of assets are considered to be intangible #financialstatement

What types of assets are considered to be intangible #financialstatement

Distinguish between depletion that is charged to expense versus reported as an asset on the balance

Distinguish between depletion that is charged to expense versus reported as an asset on the balance

Define the term “depletion ” #financialstatement

Define the term “depletion ” #financialstatement

Prepare depletion calculations and the related journal entries #financialstatement

Prepare depletion calculations and the related journal entries #financialstatement

What types of assets are considered to be natural resources #financialstatement

What types of assets are considered to be natural resources #financialstatement

Understand the fundamental accounting issues pertaining to asset impairments #financialstatement

Understand the fundamental accounting issues pertaining to asset impairments #financialstatement

Understand the meaning and general effect of “boot” in an exchange transaction #financialstatement

Understand the meaning and general effect of “boot” in an exchange transaction #financialstatement

Be able to prepare journal entries necessary to record asset exchange transactions

Be able to prepare journal entries necessary to record asset exchange transactions

Know the general principles for asset exchanges that lack commercial substance

Know the general principles for asset exchanges that lack commercial substance

State the fundamental accounting rules relating to exchanges having commercial substance

State the fundamental accounting rules relating to exchanges having commercial substance

Know how to record the sale of a depreciable asset #financialstatement

Know how to record the sale of a depreciable asset #financialstatement

Be able to record the removal of a depreciable asset from the accounts

Be able to record the removal of a depreciable asset from the accounts

Make a distinction between the accounting for a replacement and a betterment

Make a distinction between the accounting for a replacement and a betterment

What three conditions help an item qualify as a capital expenditure #financialstatement

What three conditions help an item qualify as a capital expenditure #financialstatement

Define capital expenditure and revenue expenditure #financialstatement

Define capital expenditure and revenue expenditure #financialstatement

Describe general principles of accounting for leases #financialstatement

Describe general principles of accounting for leases #financialstatement

Cite some possible advantages of a lease in accounting #financialstatement

Cite some possible advantages of a lease in accounting #financialstatement

Who is a lessee, and who is a lessor #financialstatement

Who is a lessee, and who is a lessor #financialstatement

What are key differences, generally, between tax and financial reporting of depreciation related

What are key differences, generally, between tax and financial reporting of depreciation related

What is the modified accelerated cost recovery system

What is the modified accelerated cost recovery system

Must you use the same depreciation method for tax and financial reporting purposes

Must you use the same depreciation method for tax and financial reporting purposes

Recognize that global approaches vary, and assets are sometimes revalued in global reporting

Recognize that global approaches vary, and assets are sometimes revalued in global reporting

How are changes in estimates e g , useful life dealt with in the basic depreciation computations

How are changes in estimates e g , useful life dealt with in the basic depreciation computations

Know that electronic spreadsheets usually have built in functions supporting depreciation

Know that electronic spreadsheets usually have built in functions supporting depreciation

Be aware of declining balance alternatives, such as 200%, 150%, and 125% rates

Be aware of declining balance alternatives, such as 200%, 150%, and 125% rates

Apply the declining balance method of depreciation, including situations involving partial period

Apply the declining balance method of depreciation, including situations involving partial period

Apply the units of output method of depreciation

Apply the units of output method of depreciation

Apply the straight line method of depreciation, including situations involving partial periods

Apply the straight line method of depreciation, including situations involving partial periods

Define cost, service life, salvage value, depreciable base, and book value #financialstatement

Define cost, service life, salvage value, depreciable base, and book value #financialstatement

Be able to explain why multiple depreciation methods exist

Be able to explain why multiple depreciation methods exist

What key factors affect the determination of service life in accounting

What key factors affect the determination of service life in accounting

Distinguish between service life and physical life in accounting

Distinguish between service life and physical life in accounting

Carefully define depreciation #financialstatement #fact #businessfinance

Carefully define depreciation #financialstatement #fact #businessfinance

Explain property, plant, and equipment #financialstatement

Explain property, plant, and equipment #financialstatement

State why some long lived assets may be expensed in the period acquired

State why some long lived assets may be expensed in the period acquired

Know how to apportion the cost of a lump sum purchase to the specific assets acquired

Know how to apportion the cost of a lump sum purchase to the specific assets acquired

Distinguish between land and land improvement costs #financialstatement

Distinguish between land and land improvement costs #financialstatement

Identify the appropriate treatment of interest and training costs on purchased and constructed asset

Identify the appropriate treatment of interest and training costs on purchased and constructed asset

Understand the meaning of the term “capital expenditure ” #financialstatement

Understand the meaning of the term “capital expenditure ” #financialstatement

Know those costs that are properly included in an asset’s cost, and those that should be expensed

Know those costs that are properly included in an asset’s cost, and those that should be expensed

Be able to prepare the property, plant, and equipment section on a balance sheet #financialstatement

Be able to prepare the property, plant, and equipment section on a balance sheet #financialstatement

Have a basic understanding of the nature of amounts reported in a consolidated income statement

Have a basic understanding of the nature of amounts reported in a consolidated income statement

Have a basic knowledge of the consolidating worksheet

Have a basic knowledge of the consolidating worksheet

What accounts appear in a consolidated balance sheet, and how is the reported amount for each acct

What accounts appear in a consolidated balance sheet, and how is the reported amount for each acct

Be able to explain goodwill #financialstatement

Be able to explain goodwill #financialstatement

Understand why acquisition differential arises, and how it is handled in the consolidation framework

Understand why acquisition differential arises, and how it is handled in the consolidation framework

Know that the excess of the fair value of an acquired entity, over its recorded equity

Know that the excess of the fair value of an acquired entity, over its recorded equity

Know that the purchase price for a subsidiary may differ from the subsidiaries recorded equity

Know that the purchase price for a subsidiary may differ from the subsidiaries recorded equity

Know when and why consolidation is necessary #financialstatement

Know when and why consolidation is necessary #financialstatement

What is the rationale for the equity method #financialstatement

What is the rationale for the equity method #financialstatement

Describe the equity method of accounting for an investment in stock #financialstatement

Describe the equity method of accounting for an investment in stock #financialstatement

Be able to account for the full life cycle of a bond investment

Be able to account for the full life cycle of a bond investment

Be able to apply the straight line method of amortization #financialstatement

Be able to apply the straight line method of amortization #financialstatement

Understand why it is necessary to amortize a premium or discount on a bond investment

Understand why it is necessary to amortize a premium or discount on a bond investment

Be able to record bond interest income

Be able to record bond interest income

Note that the recorded bond investment account includes the amount of premium or discount

Note that the recorded bond investment account includes the amount of premium or discount

Know the meaning of bond terminology, including “issue price,” “face or par,” “premium,”

Know the meaning of bond terminology, including “issue price,” “face or par,” “premium,”

What is meant by the amortized cost method #financialstatement

What is meant by the amortized cost method #financialstatement

How should an initial investment in a bond be recorded #financialstatement

How should an initial investment in a bond be recorded #financialstatement

Be able to describe how available for sale securities impact the financial statements

Be able to describe how available for sale securities impact the financial statements

Describe the method of accounting for available for sale securities #financialstatement

Describe the method of accounting for available for sale securities #financialstatement

Have a broad concept of income reporting principles, as comprehended by the “all inclusive” approach

Have a broad concept of income reporting principles, as comprehended by the “all inclusive” approach

Understand the nature of Other Comprehensive Income #financialstatement

Understand the nature of Other Comprehensive Income #financialstatement

Recall the accounting for trading securities

Recall the accounting for trading securities

Master the Art of Financial Analysis Understanding the Self Balancing #financialstatement

Master the Art of Financial Analysis Understanding the Self Balancing #financialstatement

Describe the basic accounting approaches and guidelines for assessment relating to different types

Describe the basic accounting approaches and guidelines for assessment relating to different types

Understand how intent influences the accounting technique for a particular investment

Understand how intent influences the accounting technique for a particular investment

What are the general rules for deciding which method is used to account for an investment

What are the general rules for deciding which method is used to account for an investment

Consider the impact of inventory errors, and note the effect of these errors on subsequent account

Consider the impact of inventory errors, and note the effect of these errors on subsequent account

Understand the importance of managing inventory investment and activity

Understand the importance of managing inventory investment and activity

Be able to calculate the inventory turnover ratio

Be able to calculate the inventory turnover ratio

Understand the benefits and application of the retail inventory method #financialstatement

Understand the benefits and application of the retail inventory method #financialstatement

Be able to apply the gross profit method

Be able to apply the gross profit method

Understand the occasional need for inventory estimates #financialstatement

Understand the occasional need for inventory estimates #financialstatement

Be able to perform lower of cost or net realizable value method computations

Be able to perform lower of cost or net realizable value method computations

How is NRV generally defined in the lower of cost or net realizable value method

How is NRV generally defined in the lower of cost or net realizable value method

What is the purpose of the lower of cost or net realizable value rule

What is the purpose of the lower of cost or net realizable value rule

Understand how the accounting records are updated with a perpetual system versus a periodic system

Understand how the accounting records are updated with a perpetual system versus a periodic system

Calculate ending inventory and cost of goods sold under a perpetual system, using FIFO, LIFO, WW

Calculate ending inventory and cost of goods sold under a perpetual system, using FIFO, LIFO, WW

Distinguish between a periodic and a perpetual inventory system

Distinguish between a periodic and a perpetual inventory system

Must inventory methods be used consistently #financialstatement

Must inventory methods be used consistently #financialstatement

Be able to apply inventory costing methods such as FIFO, LIFO, weighted average, and specific id

Be able to apply inventory costing methods such as FIFO, LIFO, weighted average, and specific id

Know the general impacts of alternative cost flow assumptions, with special attention to the tax a

Know the general impacts of alternative cost flow assumptions, with special attention to the tax a

Distinguish between the physical flow of goods and their cost flow for accounting purposes

Distinguish between the physical flow of goods and their cost flow for accounting purposes

Understand cost of goods available for sale, and how this cost must be allocated to inventory

Understand cost of goods available for sale, and how this cost must be allocated to inventory

How are goods on consignment classified on the financial statements #financialstatement

How are goods on consignment classified on the financial statements #financialstatement

How are goods in transit classified on the financial statements #financialstatement

How are goods in transit classified on the financial statements #financialstatement

What is meant by the term “F O B ”

What is meant by the term “F O B ”

Identify three basic categories of inventory, and know where inventory is reported on the balance

Identify three basic categories of inventory, and know where inventory is reported on the balance

Know how to account for the dishonor of a note

Know how to account for the dishonor of a note

Be able to account for the various phases in the life cycle of a note, including issuance, interest

Be able to account for the various phases in the life cycle of a note, including issuance, interest

How is “interest” on an obligation calculated

How is “interest” on an obligation calculated

Be able to define terms related to notes e g , maker, payee, principal, etc

Be able to define terms related to notes e g , maker, payee, principal, etc

What is the difference between an account receivable and a note receivable

What is the difference between an account receivable and a note receivable

Be able to calculate AR turnover and days outstanding, and understand the importance

Be able to calculate AR turnover and days outstanding, and understand the importance

Know how to write off an account, and reinstate an account previously written off #financials

Know how to write off an account, and reinstate an account previously written off #financials

Understand why and how allowance for uncollectible accounts are established #financialstatement

Understand why and how allowance for uncollectible accounts are established #financialstatement

Be able to prepare an aging of accounts receivable #financialstatement

Be able to prepare an aging of accounts receivable #financialstatement

Define “net realizable value ”

Define “net realizable value ”

Know why an allowance method is preferred over the direct write off approach

Know why an allowance method is preferred over the direct write off approach

Understand the general impact of the allowance methods for uncollectible accounts #fact

Understand the general impact of the allowance methods for uncollectible accounts #fact

Know the deficiencies of the direct write off method

Know the deficiencies of the direct write off method

Be able to apply the direct write off method

Be able to apply the direct write off method

What is the difference operationally and from an accounting perspective between bank and nonbank

What is the difference operationally and from an accounting perspective between bank and nonbank

Identify the benefits to a firm that arise out of credit card sales #financialstatement #fact

Identify the benefits to a firm that arise out of credit card sales #financialstatement #fact

Note the distinction between trade and nontrade receivables #financialstatement #fact

Note the distinction between trade and nontrade receivables #financialstatement #fact