Accounting 1 midterm study guide 2011

Accounting 1 midterm study guide 2011 - MidtermStudyGuide...

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Mid-term Study Guide Accounting I In addition to using this study guide, re-read the  objectives  for each chapter in the text.  If you do not  understand the objective, re-read the appropriate material.  Review all DQs and application exercises on  the syllabus and rework those that were tough for you.  Go over the  Review the Facts  at the end of each  chapter.    Chapter 1: Four factors of production and how they interact Profit motive vs. social responsibility Components of gross profit and net profit Three forms of business organization and advantages and disadvantages of each Types of business according to business activity:  manufacturing, merchandising (including  wholesale & retail), and service.  A hybrid is involved in more than one type of activity. Imports, exports, translation, tariffs, quotas Internal and external decision makers The SEC, FASB, and GAAP The roles of accountants:  assurance services, taxation, consulting services, and management  accounting Attestation, auditing, and internal control structure Chapter 2:
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