REVIEW_FOR_MIDTERM_1 - IMPORTANT: This list in not all...

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IMPORTANT: This list in not all inclusive!!!  I don’t know what is on the test; this is just an  overview of the key topics in each chapter.   REVIEW FOR MIDTERM #1 *Review Chapters *Review Notes **Review Homework CHAPTER ONE: Do not spend much time on this chapter. Briefly look through your notes and the book. CHAPTER TWO: ***Accounting Equation (Know it like the back of your hand!!) ***Expanded Accounting Equation Keeping the equation in Equilibrium - (Increasing an asset will also result in one of four possibilities in order to keep the equation in equilibrium) (Talked about in chapter 3) Balance Sheet : Assets = Liabilities + Owners Equity Capital Stock Retained Earnings Statement of RE: Ending RE = Beginning RE + Net Income – Dividends Income Statement: Net Income = Revenues – Expenses + Gain – Losses Format of: Balance Sheet* (also limitations of B/S), Income Statement*, and Statement of Cash Flows Statement of Retained Earnings How the financial statements tie together ( Articulation ) (page 48, Exhibit 14) Financial Statement Accounts : Meaning and which statement they belong to!!* CHAPTER THREE (E3-4, E3-5, E3-8, and P3-10): Accounting Cycle (4 Steps) Debits (Left) and Credits (Right) T-Accounts: Which accounts carry a normal debit balance*
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This note was uploaded on 06/23/2008 for the course BUSINESS 06a taught by Professor Hart during the Spring '06 term at University of Iowa.

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REVIEW_FOR_MIDTERM_1 - IMPORTANT: This list in not all...

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