[ACC 211] - Final Exam Guide - Everything you need to know! (32 pages long)

• School: University of Miami
• Department: Accounting Business Administration
• Course: ACC 211
• Professor: Levine Seth

Document Summary

Chapter 2 balance sheet: listed in order of liquidity (ease of conversion to cash, accounts receivable: monies owed to me by my customers or franchises, cash: savings accounts. Inventory: anything in the store, before the point of sale: once sold, tu(cid:396)(cid:374)s to (cid:862)(cid:272)ost of goods sold(cid:863) Liabilities: listed in order of maturity (which are due first, accounts payable: money i owe to vendors and suppliers, wages payable, taxes payable, unearned revenue: future revenue, not yet earned. Interest payable: interest to the bank: ex: gift card; the revenue is not earned until an item is actually bought with that card. Owner" equity: common stock (@ par value) and additional paid in capital fixed dollar amount, monies invested in company by owners, contributed capital: money given by owners to company, retained earnings: cumulative profits since beginning minus dividends. T-account: take any account name and create a debit and credit side.