ACC 301 EXAM 2 TOPICS

Chapters 6, 18, 1 and 2

Chapter 6
Variables needed to solve the TVM problems (TVM tables will be given)
PV, FV, i, n
Simple vs Compound interest
Valuation of long-term bonds (issue/sales price)
PV of single-sum
PV of an ordinary annuity
Discount / Premium Journal entries
Chapter 18
New Revenue Recognition Objective
Revenue Recognition Principle
The Five-Step Revenue Recognition Process
First Step: Identifying the Contract with Customers
Second Step: Identifying Separate Performance Obligations
Third Step: Determining the Transaction Price
Fourth Step: Allocating the Transaction Price to Separate Performance Obligations
Fifth Step: Recognizing Revenue

Chapter 1
What is Accounting
Financial Accounting
Managerial Accounting
Accrual Accounting
FASB
SEC
AICPA
GAAP
IFRS
Codification
Financial reporting issues

Chapter 2
Conceptual Framework
Need / usefulness
3 levels (pg 58)
Objective
Fundamental Qualities
Enhancing Qualities
Elements of Financial Statements
Recognition and Measurement Concepts
Principles, Assumptions and Constraint
Objective of Financial Reporting
Users-who?