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Deptmidtermreview - ACCOUNTING 101 MIDTERM REVIEW SHEET...

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ACCOUNTING 101 MIDTERM REVIEW SHEET Chapter 1 1. Know what Sarbanes-Oxley is. 1. United States federal law enacted on July 30, 2002, as a reaction to a number of major corporate and accounting scandals including those affecting Enron , Tyco International , Adelphia , Peregrine Systems and WorldCom . These scandals, which cost investors billions of dollars when the share prices of affected companies collapsed, shook public confidence in the nation's securities markets . 2. The primary reason for financial accounting information 1. Provides info about the financial resources, obligations, activities 3. What are Generally Accepted Accounting Principles? 1. 4. What is the FASB? Chapter 2 1. What makes Owners’ Equity decrease? 2. Who uses financial statements? 3. What is the accounting equation? 4. How are assets valued? 5. How does the accounting equation stay in balance? 6. What is meant by going concern? 7. What is retained earnings?
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