Exam1_outline - • Structure(equation of the Cash Flow...

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ACCT 2301 FALL 08 LI TOPIC LIST CH1-4 Remember to bring to the exam: A simple calculator. Cell phones or calculators with storage function are not allowed in the exam. Pencils with eraser. You are required to answer the exam in pencil. Format of the exam Multiple Choices questions (see quiz 3 for examples) Identifying revenues and expenses (possible, see quiz 4 for examples) Journal Entry (both transactional and adjusting) and Posting Prepare financial statements (P4-9) and Closing entry Please note that following list serves as an outline for your review. The exam questions include but are not limited to following topics. No questions on financial ratios Chapter one Corporation and its features Four financial statements: the relations among the elements on each statement Accounting equation Income statement equation Equation of the Statement of Retained Earnings
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Unformatted text preview: • Structure (equation) of the Cash Flow Statement Chapter two Conceptual framework of GAAP: All that relate to chapter 2 and chapter 3 Elements of the balance sheet: characteristics and common accounts Recording investing and financing business transactions (using journal entry) Chapter three Elements of the income statement: characteristics and common accounts Revenue recognition principle Matching principle Identify revenues and expenses Recording operating business transactions (using journal entry) Chapter four Accounting cycle and each step Time period assumption Adjusting entry Preparing financial statements • Be able to prepare financial statements (except cash flow statement) from an adjusted trial balance Closing entry • what accounts that need to be closed • the journal entry for closing...
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