review1%202010[1] - Review You should bring your SU picture...

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Review You should bring your SU picture identification card and a basic calculator. Exam Topics: 1. Be able to identify an asset, liability, stock holders’ equity, revenue or expense account. 2. Be familiar with the four financial statements and three fundamental accounting relationships. 3. Be able to identify a (+), (-) or (N) in assets, liabilities and stockholders’ equity for each transaction. 4. Be able to do journal entries. 5. Be able to identify the normal balance for each account. 6. Be familiar with T-account. 7. Be able to prepare trial balance. 8. Be able to make all adjusting entries covered in class. 9. Be able to prepare closing entries 10. Be able to prepare income statement, balance sheet and the statement of retained earnings. Fundamental Issues: We began by defining three fundamental accounting relationships. These relationships form the basis of the three financial reports you are responsible for: Assets = Liabilities + Owners Equity Net Income = Revenue - Expenses
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This note was uploaded on 06/16/2011 for the course BUSI 100 taught by Professor Na during the Spring '10 term at University of North Carolina School of the Arts.

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review1%202010[1] - Review You should bring your SU picture...

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