201FinalStudyGuideSpring_2010

201FinalStudyGuideSpring_2010 - Topic Study Guide 201 1....

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Topic Study Guide – 201 1. Forms of business organizations and characteristics of each; advantages/disadvantages of each a. Sole proprietorship b. Partnership An association of two or more persons to carry on as co-owners of a business for profit c. Corporation d. Users and types of business activities 2. Financial statements (including purpose of each and what accounts go on each) a. Income Statement (multi-step and single step) b. Statement of Owners’ Equity c. Balance Sheet (Classified) 3. Accounting Equation (including terms) 4. Classification of Assets, Liabilities, and Owners’ Equity (including Stockholders’ Equity) 5. Recording Transactions (Debit, Credit, Journal, Ledger, Journal Entries, Chart of Accounts, Trial Balance, Normal Account Balances) 6. Basis principles and assumptions of accounting (definition, how to apply, etc.) a. Time period assumption b. Economic entity assumption c. Monetary unit assumption d. Revenue recognition principle e. Matching principle f.
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201FinalStudyGuideSpring_2010 - Topic Study Guide 201 1....

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