BAIC
Be An Information Carrier
ALOE
Assets, Liabilities, Owner's Equity
JTIOB
Journals, T-accounts, Income statment, Owner's Equity, Balance Sheet
Acct cycle step 1
Journalize
Acct cycle step 2
Post and enter balances
Acct cycle step 3
Prepare an adjusted trial balance
Acct cycle step 4
Gather adjustment data
Acct cycle step 5
Enter in worksheet
Acct cycle step 6
Prepare adjusting journal entries
Acct cycle step 7
Prepare adjusted trial balance
Acct cycle step 8
Financial Statements
Acct cycle step 9
Closing Entries
Acct cycle step 10
Prepare post-closing trial balance
AEDLRC
After eating dinner, let's read comics
KUIDO
Knowledge, Understanding, Instruction, Discernment, Obedience
CTCL
Critical thinking, Cumulative Learning
Prepaid Expenses
Bills -> paid in advance for expenses that will be incurred -> asset
Unearned Revenues
Dollars received from customers in advance of services-> liability
Accrued Expenses
Obligations to pay for a good/service
Depreciation
allocation of cost of a long term asset
Business defined
organization which are assembled and processed to provide goods or services to customers
Accounting defined
information system that provides reports to users about economic activities and condition of a business
Ethics
moral principles that guide the conduct of individuals
SOX (Sarbanes-Oxley Act of 2002)
established a new oversight body for accounting profession
PCAOB (Public Company Accounting Oversight Board)
Accounting profession established by SOX
