Mid%20Term%20Exam%20Study%20Guide

Mid%20Term%20Exam%20Study%20Guide - Below is a list of...

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Below is a list of items that you should know for the Mid-term Exam: The difference between Financial Accounting, Managerial (or Cost) Accounting and Public Accounting. The names of and content of what makes up the Financial Statements. The relationship between each of the statements that make up the Financial Statements. The Balance Sheet Equation The Income Statement Equation The definition and difference between Assets, Liabilities and Owners’ Equity The definition and difference between Income, Gains, Expenses and Losses Concepts/Principles related to bookkeeping procedures and the accounting process. Financial Ratios – Return on Investment, Return on Equity Working Capital and Measures of Liquidity Why financial statement ratios are important. The meaning of liquidity and why it is important. The significance and calculation of working capital, the current ratio, and the acid-test ratio.
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