Corporations, Shares, and shareholder Rights People who own stock have an equity interest in the organization e f a business has shares of stock it is organized as a corporation rather than a proprietorship or a partnership The shares of some corporations are closely held, while others are publicly held The two types of stock are common stock and preferred stock

Part I Fill-In-The-Blanks(10\2=20 points) 1.A is a collection of all accounts used by a business 2. All cash payments by check are recorded in thejournal 3. Revenue and expense accounts are called because they are opene

FUNDAMENTALACCOUNTING School of Business, Sun Yat-sen University Lesson5 Completing the Accounting Cycle Exercise Closing entries An adjusted trial balance for Mariposo, Inc., at December 31 appears below. MARIPOSO, INC. Adjusted Trial Balance December 31,2004 Debit Credit Cash

1.Lacy Leggs Lingerie had the following petty cash transactions in April of the current year: April 1 Wrote a $500 check, cashed it, and gave the proceeds to Kate Small, the petty cashier. 5 Purchased gift-wrapping paper, $30.30 8 Paid $49.00 COD shipping charges on teddies purchased for resale, terms FOB shipping

Task Team of FUNDAMENTAL ACCOUNTING School of Business, Sun Yat-sen University Lesson 13 Managerial Accounting I: Concepts and Principles Exercise 1. Sunny Brockman has developed a new device that is so exciting he is considering quitting his job in order to produce and market it on a large-scale basis. Sunny will rent a garage for $1000 per

Task Team of FUNDAMENTAL ACCOUNTING School of Business, Sun Yat-sen University Lesson 4 Adjusting Accounts for Financial Statement Self-Test Answer the following questions: 1. what is an accrued revenue? Give an example 2. what is the difference between the cash basis and accrual basis of accounting? 3. what is accrued expense? Give an example?

Task Team of FUNDAMENTAL ACCOUNTING School of Business, Sun Yat-sen University Lesson 5 Completing the Accounting Cycle Self-Test Answer the following questions: 1. what are the four closing entries? 2. what is the purpose of income summary account?

1. The three common forms of business organizations are 2. The difference between the increases(including the beginning balance) and decreas recorded in an account is called the account 3. Assets= Liabilities Owner's Equity\is called the equation or balance sheet equation 4 An economic event that changes the financial position of an organization, and that often

Task Team of FUNDAMENTAL ACCOUntING hool of Business, Sun Y at-sen University Lesson notes Lesson 3: Analyzing and Recording Accounting transactions Learning objectives Provide the students with a background of the accounting process to better understand the numbers on the financial statements Define the economic transactions and

Task Team of FUNdaMENTAL aCCOUNtIng School of Business. Sun Yat-sen University Lesson notes Lesson 7 Merchandise Inventories and cost of sales Learning objective 1. Identify the items included in merchandise inventory