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Learning Objectives: CHAPTER 5
- Account for short-term investments
- Apply GAAP for proper revenue recognition
- Account for and control accountsreceivable
- Evaluate collectability using the allowancefor uncollectible accounts
- Account for notes receivable
- Show how to speed up cash flow fromreceivables
- Evaluate liquidity using three new ratios
EXAMPLE OF WHAT I'M LOOKING FOR:
One thing I found challenging was the credits and debitsconcept from chapter two and matching them up, (common stock wouldbe a cash debit and stock credit). Once I got it down it was one ofthose "why didn't it make sense to me sooner" moments but at thetime I didn't understand and would switch things. How I approachedthe chapter was really to make sure I understood all the terms, ienotes payable, accounts receivable, etc. Being able to understandthem without going back to the textbook made the process a bitfaster and overall easier. Another thing was really takingadvantage of the internet and that if there was something in thetextbook I didn't understand, looking it up on Google and goingthrough different websites and tutorials. While going through theproblems I made sure to take as thorough notes as I could withinformation that I knew would help me moving forward, targeting theproblems that were difficult for me. Being able to go back and readthrough something that was written in a way that made the mostsense to me as an individual definitely proved helpful. I alsoSkyped a friend who is currently enrolled in a financial accountingclass and we would work through problems together.
