22107 Study Guide - Final Guide: Value Chain, Swot Analysis, Accounting Information System
Document Summary
Current business statistics: gold = ,550. 00 per ounce, crude oil = . 00 per barrel, cash rate = 3. 75, exchange rates, usd = 0. 97, euro= 0. 78. Financial statements: statement of changes in equity, reports the movement in each class of shareholder"s equity during, details contributed equity of owners and the retained earnings of a an accounting period business. Accounting equation: assets + expenses = liabilities + owners equity + revenue. Adjusting entries: accrual accounting, revenues and expenses are recorded when they are earned and incurred, cash is never affected in adjusting entries, gst is only affected in certain examples. Adjusting entry after insurance is used for 4 months. 400: the process of allocating the cost of long-lived assets such as buildings or equipment over their productive lives using a systematic and rational method. Items included in inventory: merchandise inventory, raw materials inventory, work in progress inventory, finished goods inventory.
