EXAM_1_Study_Outline - V Definitions – Assets Liabilities...

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ACCT 2000 EXAM #1 STUDY OUTLINE Spring 2009 CHAPTER 1: I. Fields of Accounting II. Organizations Impacting Accounting III. Definitions – creditor, entity, GAAP, etc. CHAPTER 2: I. Concepts and Principles – Entity, Historical cost, Full disclosure, Stable dollar, Materiality, Going concern, Periodicity, Conservatism II. Basics of financial statements (what does each one report, etc) III. Account classification (identifying the specific type of account and in which financial statement it is reported IV. Accounting Equation
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Unformatted text preview: V. Definitions – Assets, Liabilities, Owners’ Equity, and all accounts (i.e. What is Accounts Receivable, etc.) CHAPTER 4: I. Accounting Cycle (what are the 11 steps and what does each step accomplish) II. Transaction analysis – ability to identify which specific accounts were affected and how III. Debit and credit rules IV. Journal entry preparation V. Adjusting journal entry preparation VI. Definitions – General ledger, debit, credit, accrual basis...
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