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203testinfosheet - Chapter 2 Pages 51 – 52 definitions of...

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Information Sheet for Test 1 on Chapters 1 – 3 Your test will have 24 multiple choice questions and 3 problems. One problem will deal with the balance sheet. Know how it is constructed and how to compute missing numbers on it. A second problem will be a matching question, requiring classifying accounts as current or long-term assets, current or long-term liabilities, owners’ equity, revenues, or expenses. The third problem will require journalizing adjusting entries—know all types! Things to study for the multiple choice questions: Chapter 1 Page 6: two kinds of accounting Page 9: about corporations Page 9: GAAP and FASB Pages 10 – 11: 5 concepts and principles Pages 12 – 13: accounting equation and all components Pages 16 – 22: financial statements, especially income statement, statement of retained earnings, and balance sheet. Just know that the statement of cash flows is part of a full set of financial statements.
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Unformatted text preview: Chapter 2 Pages 51 – 52: definitions of types of accounts Page 53: double-entry accounting Pages 54 – 58: you can look at the transactions for discussion of what took place, but you won’t be doing them as such: you’ll be doing journal entries. Pages 63 – 65: debit and credit rules Pages 65 – 71: journal entries Pages 71 – 72: trial balance—what it does and what it doesn’t do, as we discussed in class. Page 73: normal balance of an account Chapter 3 Page 106: accrual-basis and cash-basis accounting Pages 108 – 109: one concept and two principles (very important) Pages 112 – 121: everything about adjusting journal entries—VERY IMPORTANT! Note the balance sheet presentation of a long-term depreciable asset and how book value is computed. Pages 130 – 131: closing journal entries Page 132: types of assets and liabilities Pages 134 – 135: current ratio...
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