accounting exam review

accounting exam review - pChapter 1 Which one was not part...

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pChapter 1 Which one was not part of the accounting process (identify, records, and communicates) Which of the following was not an INTERNAL user Ethics – p. 8…know the 3 steps in order Economic entity assumption Assets = liabilities + SE o So like which of the following is not true: 750 = 250 + 500 500 = 750 – 250 250 = 750 – 500 375 = 500 – 125 (a random one thrown in there) The rest of the chapter is analyzing transaction which u should know in general Differences in financial statement (no statement of cash flows) Chapter 2 Definition of Double-entry system Know the normal balances for each account Difference between compound entry and simple entry (they describe a transaction and ask what kind it was…more than 2 lines = compound) When you record in the journal its “journalizing” and when you put it in the ledger its “posting” The order of accounts in the “chart of accounts” << p. 60 The rest of the chap shows analysis of transactions
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accounting exam review - pChapter 1 Which one was not part...

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