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Fnc1

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Study Plan for FNC1 Financial Accounting Concepts and Procedures Chapters 1-­‐4 and Chapter 10 1. Understand Basic Accounting Concepts and Principles 2. Know what items are shown on a Balance Sheet, Income Statement, and Statement of Owners Equity 3. Know the Accounting equation 4. Understand debits and credits 5. Understand the timing of recording transactions 6. Understand when revenue and expenses are recoginized 7. Know how to calculate depreciation expense 8. Know how to calculate accumulated depreciation Long Term Liabilities Chapter 14 1. Starting on Page 845 make sure you know the 4 types of Bonds and their characteristics. 2. Make sure you understand Bond issue prices, Bonds issued at Par Value, at a Discount, and at a Premium. 3. Understand how to record interest expense when bonds are issued at par value, a discount, and a premium. Stocks and Dividends Chapters 13 1. Make sure you understand dividends and dividend policies Statement of Cash Flows Chapter 16 1. 2. 3. 4. Know what a Statement of Cash Flows is Understand the Direct and Indirect Method for preparing a Statement of Cash Flows Know the Catergories shown on a Statement of Cash Flows. Study the exhibit on page 940 for the indirect method. Know what gets added in and subtracted out from each section

Financial Statement Analysis and Ratios Chapter 17 1. Know how to calculate a Horizontal and Vertical Analysis 2. Understand the relationship of Accounts when performing a Horizontal and Vertical Analysis. 3. You do NOT need to memorize the calculations for the ratios. You need to understand what a...

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