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Book chapter
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Reference no. BEP6113
Chapter from: "A Refresher in Financial Accounting"
Published by: Business Expert Press
Originally published in: 2018

Abstract

This chapter is excerpted from ‘A Refresher in Financial Accounting'. This fresher guide is designed for students who took accounting in their freshman year but struggled with double-entry bookkeeping or have forgotten it and need a quick revision of key accounting adjustments such as accrued expenses, prepaid expenses, bad debt expense, depreciation techniques, inventory valuation, and unearned revenue. In addition, the preparation and interpretation of financial statements including the income statement, statement of retained earnings, balance sheet, and cash flow statement are also covered. Corporate accounting is also introduced, especially the impact of tax, dividends, and the changes to the income statement, statement of retained earnings, and balance sheet. The book is packed with worked examples and four comprehensive case studies that apply the aforementioned accounting concepts. After working through this book, the student should be better prepared for intermediate financial reporting classes.

About

Abstract

This chapter is excerpted from ‘A Refresher in Financial Accounting'. This fresher guide is designed for students who took accounting in their freshman year but struggled with double-entry bookkeeping or have forgotten it and need a quick revision of key accounting adjustments such as accrued expenses, prepaid expenses, bad debt expense, depreciation techniques, inventory valuation, and unearned revenue. In addition, the preparation and interpretation of financial statements including the income statement, statement of retained earnings, balance sheet, and cash flow statement are also covered. Corporate accounting is also introduced, especially the impact of tax, dividends, and the changes to the income statement, statement of retained earnings, and balance sheet. The book is packed with worked examples and four comprehensive case studies that apply the aforementioned accounting concepts. After working through this book, the student should be better prepared for intermediate financial reporting classes.

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