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About this document
- Pages
- 14 pages
- Price
- $14 one-time, yours to keep
- Membership
- Included in every plan
- Format
- Subject
- Accounting, Business
- Module
- Chapter 1 and 2
This document contains practice exercises on the accounting equation for Chapters 1 and 2. It covers various scenarios involving assets, liabilities, and stockholders’ equity, helping students understand how to apply the accounting equation in different situations.
What's inside
- Investors and creditors expectations
- Accounting equation events
- Distribution of cash among entities
- Changes in stockholders' equity
- General ledger accounts
- Income statement, balance sheet, and cash flow statement
Who it is for: Students taking an introductory accounting course. (Undergraduate)
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Summary
Accounting basics are covered here. Students get practical exercises for the accounting equation and financial statements.
The Accounting Equation
This covers the accounting equation, Assets = Liabilities + Stockholders’ Equity. Three company examples show how this equation works. Cash balances are distributed to creditors and investors.
Cash Flow from Events
This lists events and their effect on cash accounts. One gives examples of cash flows to and from a company. It shows cash movements between personal and business accounts. Another shows how cash flows affect the accounting equation.
Financial Statements
This gives examples of financial statements. These include the income statement, statement of changes in stockholders’ equity, balance sheet and statement of cash flows. It also explains differences between net income and net cash flow from operating activities.
Temporary and Permanent Accounts
This part explains temporary and permanent accounts. It shows how to prepare a statement of retained earnings. It also explains the difference between net income and retained earnings.
Key terms
- Assets
- Things owned by a company that have value.
- Liabilities
- Money owed by a company.
- Stockholders’ Equity
- The value that belongs to the owners of a company.
- Retained Earnings
- The part of the company’s profits that is kept in the business.
- Income Statement
- A financial statement that shows a company’s revenue and expenses.
- Statement of Cash Flows
- A financial statement that shows the cash inflows and outflows of a company.
Questions this document helps with
- How do changes to a company's cash affect the accounting equation?
- What information do financial statements show?
- How do temporary and permanent accounts differ?
Summary written with AI from the document's text.
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