(WIP) ACC 350 Exam 1 Study Material

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Pg. 10 Sarah Allison Takash ACC 350, Spring 2018 Exam 1 Study Material 16. Income Statement Quick Facts a. Is comparative - meaning it represents changes over a period rather than depicting a single point in time b. Facilitates determination or prediction of i. profitability ii. investment value iii. creditworthiness iv. risk v. Amounts, timing and uncertainties of future cash flows c. Method of income statement measurement = transaction approach i. Focuses on income-related activities that occurred in the period ii. Can further classify income by categories, such as: 1. Customer 2. Product line 3. Function 4. Operating & non-operating 5. Continuing & discontinued 6. Regular & non recurring iii. Major elements: 1. Revenues a. Inflows or enhancements of assets b. Examples: i. Sales ii. Fees iii. Interest received iv. Dividends received 2. Expenses a. Outflows or using up of assets b. Examples: i. COGS ii. Depreciation iii. Rent paid iv. Interest paid v. Wages paid
Pg. 11 Sarah Allison Takash ACC 350, Spring 2018 Exam 1 Study Material 3. Gaines a. Increases in equity (net assets) that result from peripheral or incidental transactions 4. Losses a. Decreases in equity (net assets) that result from peripheral or incidental transactions 17. Multi-step Income Statement a. Is a common format of income statement b. Sections summarized below: c. Example multi-step income statement (below):
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Page 37 and 38: 20. Cost hierarchy Pg. 16 Sarah All
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Page 47 and 48: Solutions ACC 350 Practice problem
Page 49 and 50: Problem #2 - Activity Based Costing
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Page 61 and 62: Solutions Milwaukee Company Problem
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d. Determine the gross margin (per
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InClass Problems - Chapter 4 Requir
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Requirements: a. Determine the plan
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$1,715,071 $1,854,929 # of Units 50
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$1,715,071 $1,854,929 # of Units 50
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Summary of Article Pg. 27 Sarah All
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(WIP) ACC 350 Exam 1 Study Material

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