DANTES/DSST Study Guide For Principles of Financial Accounting
Principles of Financial Accounting Study Guide - Buy Now!
The Principles of Financial Accounting DANTES test covers all the accounting bases. You'll learn the all the principles, theories and rules on how to record, report and deduct various items.
Download our gift to you, Study Tips for DANTES Students, to get you started. Detailed information in this guide includes:
Generally Accepted Accounting Principles
Rules of Double-Entry Accounting
Dual Effects of Transactions on the Balance Sheet Equation
T-Account
Debit and Credit
Accounting Cycle
Financial Statements
Balance Sheet
Asset Recognition
Asset Valuation
GAAP Accepted Asset Valuation Basis
Asset Classification
Shareholders Equity Valuation and Disclosure
Overview of the Accounting Process
Income Statement
Presentation Format Issues with the Income Statement
Accounting for Irregular Items
Profitability Analysis
Acquisition and Disposal of Long-Term Assets
Amortization
Depletion
Intangible Assets such as Patents and Goodwill
Owners Equity
Preferred Stock
Common Stock
Retained Earnings
Liquidity, Solvency, & Activity Analysis
Cash Basis of Accounting
Accrual Basis of Accounting
Timing of Revenue Recognition
Timing of Expense Recognition
Relation between Balance Sheet and Income Statement
Adjusting Entries
Trial Balance after Adjusting Entries
Preparing the Income Statement
Closing of Temporary Accounts
Statement of Cash Flows
Valuation of Accounts and Notes Receivable
Uncollectible Accounts
Direct write-off Method
Allowance Method
Income Recognition before the Sale
Percentage-of-Completion Method
Completed Contract Method
Income Recognition after the Sale
Installment Method
Cost-Recovery-First Method
Valuation of Inventories
Cost Basis for Inventory
Specific Identification and the Need for Cost Flow Assumption
LIFO Layers
Initial Costs of Plant and Assets
Depreciation
Depreciable Value of Plant Assets
Estimating Salvage Value
Unit of Account
Estimating Service Life
Pattern of Expiration of Costs
Straight Line Method
Accelerated Method
Modified Accelerated Cost Recovery System (MACRS)
Declining-Balance Methods
Reporting of Depreciation on the Financial Statements
Liabilities
Liability Recognition
Liability Valuation
Long Term Liabilities
Bonds
Investments
Valuation of Securities at Acquisition
Valuation of Securities After Acquisition
Consolidated Statements
Cash and Stock Dividends
Cash Dividends
Stock Dividends
Treasury Stock
Accounting for Treasury Shares
Division of Profits and Losses in Partnership Accounting
Stated Fractional Basis
Ratio of Capital Investments
Salary and Interest Allowances
Managerial Accounting
Cost-Volume Profit (Breakeven Analysis)
Direct Costing and Absorbing Costing
Financial Statement Analysis
Performance Evaluation
Process and Job Order Systems
Process Costing
Job-Order Costing
Standard Costs and Variances
Use of Differential (Relevant) Cost
Sample Test Questions
Test-Taking Strategies
What Your Score Means
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