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Know and understand the fundamental accounting concepts

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Accounting Study Guide, need all subjects explained as much as possible

1. Know and understand the fundamental accounting concepts underlying financial reporting (matching, conservatism, etc.)

2. Know how common transactions affect the accounting equation

3. Know what inventory cost flow assumptions are available under US GAAP and IFRS and how they affect income, inventory, and taxes

4. Understand the effects of the cost flow assumptions on ending inventory, income and taxes

5. Understand the effect of inventory errors on two consecutive accounting periods

6. Understand the gross margin method for estimating ending inventory

7. Know how to apply the lower of cost or market rule. Know how it differs under IFRS with respect to the determination of market

8. Know how indices are used with dollar value LIFO

9. Understand the basic concepts underlying the conventional retail inventory method

10. Understand the rules for contingent liabilities

11. Understand the rules regarding contingent gains

12. Know the interpretation of the term "probable" under IFRS

13. Know how to apply the rules to the recognition of warranty related costs

14. Know how to classify items on the financial statements (balance sheets and income statement)

Reference no: EM13483538

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