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Assets and liabilities are defined through controlled resources and present obligations arising from past events.","Answer",{"name":112,"@type":107,"acceptedAnswer":113},"How do accrual accounting and cash accounting differ?",{"text":114,"@type":110},"Accrual accounting records the economic impact of transactions as they occur, while cash accounting records impacts at the time of cash flow.",{"name":116,"@type":107,"acceptedAnswer":117},"What are the key steps in the accounting cycle?",{"text":118,"@type":110},"The cycle includes source documents, journal entries, posting to the ledger, pre-closing trial balance, adjusting entries, adjusted trial balance, closing entries, post-closing trial balance, and preparing financial 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financial statements) to make economic decisions.  \n• Assumptions of Financial Accounting –  \n• Accrual Accounting  \n• Going Concern  \n• Monetary unit  \n• Accounting Period  \n• Historical Cost Qualitative Characteristics –  \n• Understandability  \n• Relevance  \no Materiality  \n• Reliability  \no Fair representation (represent what really existed/happened)  \no Neutrality (freedom from bias)  \no Substance over form (reflects the economic reality)  \no Prudence (caution in estimates)  \no Completeness (material info not omitted, not misleading)  \n• Comparability  \nBusiness Entities: Sole Proprietor, Company/Corporation, and Partnership  \n2 The Elements of Accounting  \nAccounting Equation – A = L + SE  \nAsset:  \nDefinition: Resource controlled, Provide future economic benefit, Result of past event Recognition: Probable economic benefit, Reliably  \nMeasured Liability:  \nDefinition: Present Obligation, Outflow of future economic benefit, Result of past event Recognition: Probable outflow of economic benefit, Reliably Measured  \nShareholders’Equity: Definition: Residual Interest  \nAccrual Accounting – Record economic impact of transaction as they occur  \nCash Accounting – Record impact of transaction at time of cash flow  \n\n|  | A | L | Rev. | Exp. | SE |\n| --- | --- | --- | --- | --- | --- |\n| Increase | DR | CR |  |  | CR |\n| Decrease | CR | DR |  |  | DR |\n| Balance | DR | CR | CR | DR | CR |\n\n3 Revisiting the Recording Process The Accounting Cycle:  \n1) Source Document  \n2) Journal Entries  \n3) Post to Ledger  \n4) Pre-Closing Trial Balance  \n5) Adjusting Entries  \n6) Adjusted Trial balance  \n7) Closing Entries  \n8) Post-Closing Trial Balance  \n9) Financial Statements  \n4 Trading Firms and Recording of Stock using the Physical or Periodic Method  \nPerpetual Inventory System-Continually records the impact of transaction on COGS and Inventory control accounts.  \nPurchase Returns and Allowances – DR Inventory  \nCR Cash/ Accounts Payable OR  \nDR Purchase Returns and Allowances CR Accounts Payable  \nSales Returns or Allowances – DR Sales Returns and Allowances CR Cash/ Accounts Receivables  \nDR Inventory CR COGS Write –off:  \nDR inventory write-down CR COGS  \nPeriodic Inventory System – Need to deduce COGS using the formula:  \nCOGS = O/B INVENTORY + PURCHASES-C/B INVENTORY (AFTER A END OF YEAR Stock take) .  \nPurchase Returns and Allowances  \nDR Cash/ Accounts payable  \nCR Purchase Returns and Allowances  \nSales Returns and Allowances  \nSales Returns or Allowance:  \nDR Sales Returns and Allowances CR cash/ accounts receivable  \n5 Adjusting the Accounts  \nExpiration of Assets  \nDR Insurance Expense CR Prepaid Insurance  \nUnearned Revenue  \nDR Unearned Revenue CR Service Revenue  \nAccrual of Unrecorded Revenue  \nDR Accrued Revenue CR Service Revenue  \nAccrual of Unrecorded Expenses  \nDR Wages expense CR Accrued Wages  \nContra Account-Are accounts that record any detraction from the historical cost of an asset or liability control account  \nAllowance for Doubtful Debt  \nCreating Allowance for Doubtful Debt DR Bad Debt Expense  \nCR Allowance for Doubtful Debt Writing Off Bad Debt  \nDR Allowance for Doubtful debt CR Accounts Receivable  \nDepreciation  \nDR Depreciation Expense  \nCR Accumulated Depreciation  \nClosing Entries-Temporary accounts are closed to leave them with zero balances in preparation for the next reporting period.  \nPost Closing Trial Balance-Lists all permanent accounts and their balances.  \nPrepare Financial Statements –  \n• Prepare Balance Sheet  \n• Income Statement  \n• Statement of Cash Flows  \n6 Preparing Financial Statements  \nIncome Statement –  \nRevenue: Inflows of economic benefits (as a result of ordinary operating activities) that result in an  \nincrease in total equity (not attributed to owners contributions) .  \nExpenses: outflow of economic ben","cbCaibLhiMEM3j4F","https://ap.wps.com/l/cbCaibLhiMEM3j4F","pdf",528406,"English","# 1 Introduction to Accounting\n## Assumptions and qualitative characteristics\n## Business entities\n# 2 The Elements of Accounting\n## Accounting equation and accrual vs cash accounting\n## Debit/credit effects and balances\n# 3 Revisiting the Recording Process\n## Accounting cycle and financial statements\n# 4 Trading Firms and Inventory Recording\n## Physical/periodic method and COGS formula\n# 5 Adjusting the Accounts\n## Expiration, unearned/accrued items, contra accounts, depreciation\n# 6 Preparing Financial Statements\n## Income statement, balance sheet, statement of cash flows\n# 7 Inventory – Retail Operations\n## FIFO","[{\"question\":\"What does the accounting equation express, and what are its components?\",\"answer\":\"It states A = L + SE, where assets equal liabilities plus shareholders’ equity (residual interest). Assets and liabilities are defined through controlled resources and present obligations arising from past events.\"},{\"question\":\"How do accrual accounting and cash accounting differ?\",\"answer\":\"Accrual accounting records the economic impact of transactions as they occur, while cash accounting records impacts at the time of cash flow.\"},{\"question\":\"What are the key steps in the accounting cycle?\",\"answer\":\"The cycle includes source documents, journal entries, posting to the ledger, pre-closing trial balance, adjusting entries, adjusted trial balance, closing entries, post-closing trial balance, and preparing financial statements.\"}]","ACC1000 Principles of Accounting and Finance Cheatsheet - Key Accounting Concepts | PDF",1791928534]