Learning about any topic is a complicated process. Most students take a lot of time and effort to get into the theme and realize it. The topic of financial accounting was never considered as easy, therefore, when studying this topic, it is necessary to resort to auxiliary techniques, teaching materials and also to the study guide. One of the most effective methods based on the use of flashcards.
This system is called Leitner system. This method includes interval repetitions, to more efficiently remember and repeat the required material. At the first time, a system appeared in the 1970th of the XX century, thanks to a German scientist, Sebastian Leitner, who described this technique in his work “How to learn to learn “. Flashcards have a small rectangular size, which can be made of cardboard or paper, or in an electronic version.
With the help of such information cards, it will be much easier to understand such areas as:
• Terminology. On testing, a large percentage of questions are given terms and concepts. The student must know the sense of a word that exists in accounting, as well as where it is applied. Cards are a great option for test help.
• Structure. Studying materialscontain a huge amount of explanations about how to properly write financial reporting, plan balance, cash flowsand earnings. Flashcards help to organize this data and keep in mind the basic essence of all kinds of documentation; they are also good in the preparation for the exam.
• The purpose of flashcards is to simplify learning materials, structure info, and improve student skills about the discipline of management.
Knowledge, which will be correctly placed in their places, will remain in memory for a long time. After studying with that system the student will be able to easily cope with the course and practical work, the subsequent training. And after taking an education he can use it in his future professional activities.
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Accounting A system of analyzing, recording, and summarizing the results of a business’s operating, investing, and financing activities and then reporting them to decision makers. Accounts A standardized format that organizations use to accumulate the dollar effects of transactions on each financial statement item. Balance Sheet (Statement of Financial Position) Read more…
Income Statement Revenue-Expenses= Net Income. (For the period ended) Retained Earning Statement Beginning retained earning + Net Income – dividends = Ending retained income (For the period ended) Balance Sheet Assets= Liabilities+Owner’s Equity (as end of period) Cash Flow Statement Beginning cash +/- Operating +/- Investing +/- Financing = Ending Read more…
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Time Period Assumption Presumes that an organization’s activities can be divided into specific time periods such as a month, a three-month quarter, a six month interval, or a year Annual Financial Statements Reports covering a one-year period Interim Financial Statements Reports covering one, three, or six month of activity Fiscal Read more…
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Accounting A system for recognizing, organizing, analyzing, and reporting information about financial transactions that affcet an organization Who are the 6 key users of accounting information? 1. managers 2. stockholders 3. employees 4. creditors 5. suppliers 6. government agencies What other types of people may be using accounting information? The Read more…
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Accounting is an information measurement system that… Identifies, records and communicates information about business activities by interpreting info and designing info systems to allow business to make better decisions The Accounting Equation is… Assets=Liabilities + Owner’s Equity $100 = $10 + $90 Assets Everything a company owns Accounts Receivable Assets Read more…
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internal reporting function of an accounting system gives managers information needed for daily operations and also for long-range planning. Developing types of information most relevant to specific managerial decisions and interpreting that information is the essence of managerial accounting. The Role of Managerial Accounting & Management Functions to support the Read more…
ALL DEFINITIONS AND STUFF IS FROM THE TEXTBOOK This should act as a citation so I don’t get screwed for copying from the textbook Managerial Accounting Type of accounting that focuses on providing internal management with information needed to run the company efficiently and effectively. The rule that drives managerial Read more…
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Accounting System that collects and processes (analyzes, measures, and records) financial information about an organization and reports that information to decision makers. Accounting entity Is the organization for with financial data are to be collected. The four basic statements: 1. Balance Sheet 2. Income Statement 3. Statement of Retained Earnings Read more…
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balance sheet reports the amounts of *assets*, *liabilities*, and *stockholders’ equity* at a *specified moment*, such as midnight of December 31 income statement reports *revenues*, *expenses*, *gains*, *losses*, and *net income* during the *period of time stated in its heading* statement of cash flows reports the changes in cash and Read more…