Final Review - ACCOUNTING 230 FALL 2010 FINAL SUBJECT...

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Unformatted text preview: ACCOUNTING 230 FALL 2010 FINAL SUBJECT OUTLINE Know each subject listed in detail (go to your book and review each one and the journal entries related to each subject!) FINANCIAL ACCOUNTING ELEMENTS NOTES The 4 Basic Financial Statements Know in Detail, purpose, accounts, relation to each other…. The Income Statement The Retained Earnings Statement The Balance Sheet The Cash Flow Statement - Know indirect method! Assumptions and Principles of Financial Accounting Time Period Assumption Going Concern Assumption Cost Principle Materiality Conservatism Classifying Liabilities and Assets (i.e. as Current and Noncurrent) Noncurrent Asset Classifications Property, Plant and Equipment (PP&E) Long-term Investments Intangible Assets The Double - Entry Accounting System The Accounting Equation: Assets = Liabilities + Stockholders’ Equity Know how to record debits and credits Journal entries based on business transactions Chapter 3 Understand which accounts get bigger with debits/ and credits...
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Final Review - ACCOUNTING 230 FALL 2010 FINAL SUBJECT...

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