Chapter 2 Review Packet Student.docx - Acct 1201 Review...

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Acct 1201 Review Packet Chapter 2: 1. Define the following: a. Asset b. Current asset c. Liability d. Current liability e. Additional paid-in capital f. Retained earnings 2. Explain what the following accounting terms mean: a. Separate entity assumption b. Monetary unit assumption c. Going concern assumption d. Historical cost 3. Why are accounting assumptions necessary? 4. For accounting purposes, what is an account? Explain why accounts are used in an accounting system. 5. What is the fundamental accounting model? 6. Define a business transaction in the broad sense, and give an example of two different kinds of transactions. 7. Explain what debit and credit mean. 8. Briefly explain what is meant by transaction analysis. What are the two steps in transaction analysis? 9. What two accounting equalities must be maintained in transaction analysis? 10. What is a journal entry? 11. What is a T-account used for? 12. Identifying Events as Accounting Transactions
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