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CLEP� Financial Accounting

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ISBN-10: 0738603139

ISBN-13: 9780738603131

Edition: 2008

Authors: Donald Balla

List price: $27.95
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Description:

New! REA’s test prep for the CLEP (College-Level Examination Program)nbsp;Financial Accounting exam comes with two full-length practice testsnbsp;andnbsp;detailed explanations of every answer.nbsp;The comprehensive review covers all Financial Accounting topics found on the official exam, including:nbsp; Accounting Principles and Ethics, Forms of Business and Cycles, the Income Statement, the Balance Sheet, Statement of Cash Flows, Investments, Contingent Liabilities, and more.nbsp; Also includes test-taking tips and study strategies for confidence on test day. DETAILS - Targeted review provides focused coverage of the exam - Two full-length practice tests encourage optimum…    
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Book details

List price: $27.95
Copyright year: 2008
Publisher: Research & Education Association
Publication date: 9/19/2007
Binding: Paperback
Pages: 416
Size: 6.75" wide x 10.00" long x 1.25" tall
Weight: 1.210
Language: English

For over 30 years Donald Balla taught college students. For most of those years he taught at John Brown University. JBU is a Christian school, so expect Balla's Christian faith to naturally integrate in his stories. He was a popular teacher. "I am funnier than most," he explains. His unique teaching style shows through in the teaching of Rafael Perez in For Louisa There Is No Lunch At All. He taught business, economics, law and accounting. "That gave me an advantage," says Balla. "If my students spoke up in Bible classes with, 'But Mr. Balla said ...,' generous Bible professors would cut me some slack with, 'Well, he's not a theologian. He's just a lawyer.'" As a lawyer, Balla went through…    

Passing the CLEP Financial Accounting Exam
About This Book and Testware“
About the Exam
How to Use This Book
Format and Content of the Exam
About Our Course Review
Special Tools in This Book
Scoring Your Practice Tests
Studying for the CLEP
Test-Taking Tips
The Day of the Exam
Getting Started
Balloon Party, Lauren's New Business
Lauren's First Accounting
The Balance Sheet Introduced
Analyzing the Balance Sheet
Operating Cycle and Fiscal Year
Making Money
Operating the Business
Making Adjustments
The Income Statement Refined
The Statement of Owner's Equity
Keeping Track of Numbers in Accounts
Using T-Accounts
How Operations Affect the Balance Sheet
Watching Over Cash
Lauren Decides She Needs to Watch Over Cash
Cash from Operations
Cash from Investing Activities
Cash from Financing Activities
The Direct Method of Presenting the Cash Flow Statement
Accounting Reports and the Outside World
Other Users of Lauren's Financial Statements
Making Sure the Statements Are Accurate
Debits and Credits
Introducing Debits and Credits
Posting the Start-Up Transactions in the T-Accounts
T-Accounts for Income and Expenses
Posting Operations to T-Accounts
Closing Temporary Accounts
Correcting Errors
Normal Balances of Accounts
Journals and Ledgers
The General Journal
The General Ledger
Specialized Journals
How to Write Vertical Journal Entries
Controls and Ethics
Why Balloon Party Should Have Internal Controls
Lauren Designs Balloon Party's Internal Controls
Ethics
All Internal Controls Are Imperfect
This Chapter Has Not Told Everything
Cash and Short-Term Investments
Reconciling the Bank Statement
Setting Up a Petty Cash System
Investing in Short-Term Securities
Accounts Receivable
Accrual Accounting for Accounts Receivable
Cash Basis Accounting for Sales on Account
The Direct Write-Off Method for Bad Debts
Other Receivables
Discounting a Note Receivable at the Bank
Accruing Interest Receivable
A Customer Dishonors a Note
Loans Receivable
Analysis of Current Assets
Merchandise Inventories
Two Methods for Handling Inventory
The Perpetual Inventory Method
Following the Trail of Debits
The Periodic Inventory Method
Comparing the Four Inventory Systems and Two Methods
Analyzing How Well a Business Handles Inventory
Supplies and Prepaids
Accounting for Prepaid Assets
Two Methods to Account for Operating Supplies
Buying and Selling Plant Assets
Balloon Party Buys a Group of Machines
Repairs or Improvements
Disposing of Fixed Assets
Vertical Journal Entries for Fixed Assets
The Cash Flow Statement and Fixed Assets
Depreciation
Depreciation: Allocating the Cost of Plant Assets
The Depreciation Expense Formula
Depreciation Conventions
The Depreciation Schedule
Changing Accounting Estimates
Land, Natural Resources, and Intangible Assets
Land or Land Improvement?
Assets You Cannot Grab Hold Of Natural Resources
Vertical Journal Entries for Intangible Assets 214
Current Liabilities
What Does It Mean to "Accrue" a Liability?
Adjusting Entries at the End of the Period
Make Sure Wages Get Counted at the End of the Period
Estimating Warranty Expense
Loan Amortization Schedules
Accruing Interest Expense
Reversing Entries-Making Adjusting Entries Easier
Long-Term Liabilities
What Are Bonds?
Recording the Money Received When Issuing Bonds
Making the Periodic Cash Payments for Bonds