Accounting Midterm things to know

Accounting Midterm things to know - certain things can...

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Ch.1 Forms of business and what are the benefits for each. Different types of business activities… where each falls under balance sheets Understand the accounting equation, like core definitions of each component The different type of financial statements, where things fall Different things that go along with financial statements Ch.2 Understand the ratio.. current and debt to total assets and the components of each The principles and be able to apply them to a situation and why it applys and what it means Constraints, materiality and conservatism, know what it means and apply Relevance and reliability, know the difference and how valuing
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Unformatted text preview: certain things can effect each thing Ch.3 • Normal balances • Know the difference between why things would be overstated or understated Ch3. • Rev recognition • Matching principle o Be able to apply both to things • Know the difference between accrual and cash methods • Understand adjusting entries, understand why we do them Ch.5 • Perpetual vs. periodic and how the elements are different • Know the difference in handling accounts for a buyer vs. a seller • Take a look at the multi step income statement o Know the different lineups o Look at the nonoperating stuff Current Events...
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