BUS210 Spring 2007 Exam _1 review topics

BUS210 Spring 2007 Exam _1 review topics - Useful...

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BUS210 Spring 2007 Exam #1 Review topics Three forms of business organization Corporation characteristics Definition of accounting Examples of internal users, external users Define A/R Define A/P Business Activities and examples Define income statement Define Retained Earnings statement Define Balance Sheet Define Cash Flow statement 1 of 4
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Components of annual report Basic Accounting equation Current Assets examples Current Liabilities examples Categories of Liabilities Operating cycle Stockholder’s Equity statement Liquidity definition GAAP & who creates it
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Unformatted text preview: Useful information characteristics Define Account & parts 2 of 4 Debits increase/ Credits increase Normal balance Double entry system Derive balance given transactions to T account Steps in recording process Define source documents Define journal Define ledger Time period assumption, fiscal year definition GAAP principles for accrual basis of accounting 3 of 4 Adjusting entries types & why they are needed Prepayment entry example Define unearned revenue Adjusted trial balance Closing entries 4 of 4...
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