What+we+have+learned+so+far...

On this page, I'm going to post some notes that will help you get a feeling for where we've been and where we're going. Please post any tips you have for your classmates.

Here are some examples: || Accruals--action first, dollars later ||  ||   ||
 * Chapter 1 || The four basic financial statements ||  || Can you identify the financial statement on which you would find various accounts?
 * || Income statement ||  || Cash-**Balance sheet** ||
 * || Statement of changes in SH Equity ||  || Sales revenue---**Income statement** ||
 * || Balance sheet ||  || Retained earnings--**Balance sheet** and **Statement of Changes in SH Equity** ||
 * || Statement of cash flows ||  || Unearned revenue--**Balance sheet** ||
 * Chapter 2 || Basic accounting principles ||  ||   ||
 * || Historical ost principle ||  || Most items are valued at historical cost. ||
 * || Revenue recognition principle ||  || Revenue is recognized when earned and collection is reasonably assured. ||
 * || Matching principle ||  || Expenses are put on the same income statement as the revenue they helped generate. ||
 * Chapter 3 || Timing differences:
 * || Matching principle ||  || Expenses are put on the same income statement as the revenue they helped generate. ||
 * Chapter 3 || Timing differences:
 * Chapter 3 || Timing differences:
 * Chapter 3 || Timing differences:
 * || Deferrals--dollars first, action later ||  ||   ||