Test #2 Study Guide - Principles of Accounting I 26ed.rtf -...

Principles of Accounting I
Study Guide for Exam #2
This is a study guide to help you prepare for Exam #2. Take this guide and make study notes along with
practicing different types of problems or exercises from each chapter. You should have learned skills in
the course of completing the classroom assignments and practice exercises that have prepared you for
this exam. This is only a guide. Please use this guide along with the Example Exercises & Practice
Exercises throughout the chapters in the textbook, homework assignments, and power point slides for
each chapter to prepare for the exam.
Important: The “At a Glance” and “ Illustrative Problem” at the end of the chapters are also great tools
to use for studying.
Chapter 5
 Accounting system and its phases- T he methods procedures for collecting, classifying,
summarizing, and reporting a business’s financial and operating information.
 Subsidiary ledger- Provide detail of individual accounts that are summarized in a