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Study Guide 1 - Four Financial Statements Income Statement...

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STUDY GUIDE TEST ONE Test questions can come from any topic covered in lecture and the three chapters in the book. The test will have both multiple choice questions and a written portion. Bring a Scantron to the test. Important topics to review – does not exclude other topics mentioned in the text Chapter One GAAP Types of Business Organizations Accounting Principles Equation Assets = Liabilities + Stockholders’ Equity Corporations: Two components to Stockholders’ Equity Contributed Capital ( Common Stock) Retained Earnings Increased by Net Income, Decreased by Net Loss, Decreased by Dividends
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Unformatted text preview: Four Financial Statements Income Statement Calculate Net Income Statement of Retained Earnings Balance Sheet Assets = Liabilities + Equity Statement of Cash Flows Return on Assets Chapter Two Accounts Journal Ledger Impact on equation Debit/Credit Normal Balance Journal Entries Debt Ratio Chapter Three Accrual Basis Accounting Cash Basis Accounting Accrual Basis Accounting Revenue Recognition Matching Time Period Principle Adjusting entries Prepaid Expenses Depreciation Accrued Expenses Accrued Revenue Unearned Revenues Adjusted Trial Balance Profit Margin Current Ratio...
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