Scribd Logo
Upload

Welcome to Scribd!

  • D102 UNIT 3 Notes

    Uploaded by

    Tracy Dababseh
    16 views1 page
    This document provides accounting concepts and formulas for financial statements. It defines single and multi-step income statements, including calculations for net income, gross profit, and earnings per share. It also covers debit and credit mnemonics, journal types like general and special journals, and how to prepare journal entries by determining accounts, debits and credits, and amount of change.

    Original Description:

    Original Title

    Untitled

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    This document provides accounting concepts and formulas for financial statements. It defines single and multi-step income statements, including calculations for net income, gross profit, and earnings per share. It also covers debit and credit mnemonics, journal types like general and special journals, and how to prepare journal entries by determining accounts, debits and credits, and amount of change.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    16 views1 page

    D102 UNIT 3 Notes

    Uploaded by

    Tracy Dababseh
    This document provides accounting concepts and formulas for financial statements. It defines single and multi-step income statements, including calculations for net income, gross profit, and earnings per share. It also covers debit and credit mnemonics, journal types like general and special journals, and how to prepare journal entries by determining accounts, debits and credits, and amount of change.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    D102 UNIT 3 Notes:

    Single-Step: Cash, RE, Div


    - NI = rev-exp

    Multi-Step: GP
    - GP = sales – COGS
    - GP % = GP / sales

    EPS:
    - NI / # of shares

    - DEAD: Debits ^ Exp, Assets, Div


    - RELIC: Credits ^ Rev, Equity, Liability Interest

    Journaling: NI does NOT include dividends


    General Journal: chronological record of transactions
    Special Journal: many diff transaction types (cash receipts, purchases, etc)

    Preparing Journal Entries:


    - Determine accts
    - Determine deb/cred
    - Determine how much has changed

    You might also like