1. Announcements  Accounting Research Survey in Webcourses – 3 points extra credit – open until Monday night 12/7/15  Practice Flash Cards – Definitions in Block 3: https://materia.ucf.edu/play/Ogmhc/block-3- definitionshttps://materia.ucf.edu/play/Ogmhc/block-3- definitions Definitions in Word document in Final Exam Module.  Student Evaluations… Open in my.ucf.edu – please provide feedback!  Learn Smart Extra Credit for Block 3 - Chapters 8 – 11 closes on December 13 th at 11:59 PM.  Tutoring Lab hours CBA Tutoring Lab Rm #355 open thru Monday, 12/7/15 only. Closed on Study Tuesday and final exams. SARC Tutoring Lab open through Tuesday, 12/8/15 only.

2. Class Objectives An understanding of the process of measuring and documenting individual business transactions to allow for the aggregation of information. An appreciation for how accounting principles and different accounting treatments guide the recording of transactions to ultimately provide consistency and ‘allowed’ differences in the financial reporting. The ability to complete the accounting cycle to construct financial statements that are useful for decision-making. Identify common fraud found in financial reporting, and internal controls that can reduce the likelihood of fraud. Analyze how transactions common to large corporations impact each of the financial statements, with specific emphasis on the income statement. Develop an understanding of the interrelationships within the financial statements.

3. Interested in Accounting??? – Next Steps Join a club/fraternity ALPFA - president.alpfa.ucf@gmail.compresident.alpfa.ucf@gmail.com Association of Certified Fraud Examiners - acfeatucf@gmail.comacfeatucf@gmail.com National Association of Black Accountants - nabaucf@gmail.comnabaucf@gmail.com Student Accounting Society - president.sas.ucf@gmail.compresident.sas.ucf@gmail.com Check Exchange Schedule for Accounting speakers FICPA student field day in Fall 2016 Figure out your end game….

4. Final Exam – Topics and Sample Questions Overall Study Tips  New accounts introduced – know definitions, financial statement, main category, and normal balance as well as how transactions are recorded into the account. For example, sale tax payable is an accrual for sales tax collected from customers and subsequently remitting to government agencies; balance sheet, current liability, and normal balance of credit.  a.How do these new accounts impact the accounting equation?  b.Block 3 definitions Flash Cards: https://materia.ucf.edu/play/Ogmhc/block-3- definitionshttps://materia.ucf.edu/play/Ogmhc/block-3- definitions  Cash Flow - understand how the cash flow statement is constructed, what information is required for each section, and how and increase or decrease in certain balance sheet accounts affects cash (as well dep., gains/losses).  Connect – Do not use as the initial study resource. Use Connect to verify that you understand only after you have been studying and are comfortable with the materials. a. Learn Smart b. Exam Practice Questions  Complete Self-study questions at the end of each chapter related to the topics listed below.

5. Chapter 8  Current Liabilities Accounts - know definitions, financial statement, main category, and normal balance as well as how transactions are recorded into the account.  Accounts Payable  Short-term Notes Payable & Interest calculation  Sales tax payable  Unearned revenue  Current portion long-term debt  Warranty expense and warranty payable  Contingent liability Final Exam Review

6. Chapter 9  Bonds Definitions for bond itself  Principal amount or face value  Interest rate (stated or coupon)  Market interest rate Interpreting Bond Price quotes (not calculating a bond price) Record new bond issuance at par, premium, or discount. Interest payments for bonds issued at par. Effective Interest Rate Method for interest expense and interest payments (steps and formulas)  Bonds issued at a premium or discount - effective interest rate calculation using actual cash interest payments and the market rate of interest to amortize the premium or discount.  Impact of interest amortization on bond carrying value over time. What is the carrying value for bonds and how does is change over time? Bond retirement  Notes Payable – recording original transaction and accruing interest at year-end.  Operating and capital leases – just the basic understanding of what they are and which financial statement they primarily impact Final Exam Review (cont.)

7. Chapter 10 (Exclude – ratio analysis) Two sources of Stockholders equity  Paid in capital Common Stock Preferred Stock Additional Paid in capital  Earned Capital - Retained earnings Shareholder rights  Common Stock – 4 rights  Preferred Stock – 2 additional rights Shares authorized, issued, outstanding - definition and formulas Par value of stock – definition and how it is used to record stock issuance Classes of stock  Common  Preferred Features of preferred stock Issuing common stock and preferred (par & no par) Treasury stock – repurchase and reissuing Cash Dividends (only) – steps in issuing dividends Final Exam Review (cont.)

8. Chapter 11 (Exclude – direct method of cash flow preparation and ratio analysis)  Format for cash flow statements – Three sections and cash balance reconciliation at the end.  Be able to follow the steps to construct a cash flow statement for each of the three sections (you will not have to construct a statement, but you do need to understand the steps).  Source of information (which financial statement and area of financial statement) for each section in the cash flow – i.e. investing is based on long-term assets on balance sheet  Most important section of cash flow? Final Exam Review (cont.)