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About this document
- Pages
- 10 pages
- Price
- $10 one-time, yours to keep
- Membership
- Included in every plan
- Format
- Subject
- Accounting, Business
- Module
- Chapter 3 · Week 2
This assignment covers event costs and financial statements. It includes problems on classifying costs as product or period costs, and preparing financial statements. It is for Week 2 of the course.
What's inside
- Event costs classification
- Horizontal statements model
- Balance sheet preparation
- Income statement preparation
- Statement of cash flows
- Statement of changes in stockholders’ equity
Who it is for: Students taking the ACC 201 course. (Undergraduate)
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Summary
Accounting for events involves tracking costs and preparing financial statements. Students get practice with classifying costs and completing financial statements for a business.
Classifying event costs
Costs are either product costs or period costs. Product costs relate to making goods. Period costs are not directly tied to production.
Horizontal statements model
A horizontal statements model shows how events affect financial statements. Students see how transactions change the balance sheet, income statement and cash flows.
Financial statements for a business
Students prepare an income statement, statement of changes in stockholders’ equity and balance sheet. They also prepare a statement of cash flows.
Calculations for transactions
Students calculate the cash received or paid for transactions. They also calculate discounts given or taken.
Key terms
- Product costs
- Costs that are directly related to the production of goods.
- Period costs
- Costs that are not directly related to the production of goods.
- Horizontal statements model
- A table that shows how transactions affect financial statements.
- Income statement
- A financial statement that shows a company's revenues, costs and net income.
- Statement of cash flows
- A financial statement that shows the inflows and outflows of cash.
- Discounts
- Reductions in the price of goods or services.
Questions this document helps with
- What are the differences between product costs and period costs?
- How do events affect the balance sheet and income statement?
- What is included in the statement of cash flows?
Summary written with AI from the document's text.
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