ACC 3000 Intermediate Accounting I
Study Guide for Midterm 1
1. Environment of Accounting
Financial accounting environment
Information needs of external users
Cash vs. Accrual accounting
Accounting standard setters (establishment of accounting
Stan Ross Department of Accountancy
Zicklin School of Business, Baruch College
City University of New York
ACC 3000 Financial Accounting I
Prof. Min Shen
Cash and Cash Equivalents
Balance in Checking
Balance in Savings
Undeposited Customer Checks
Currency and Coins on hand
Balance in Savings Account
Balance in checking account
U.S. Treasury bills
Which of the following is not a characteristic of the balance sheet?
The major classifications of the balance sheet are assets, liabilities, and owners' equity.
The balance sheet reports the change in financial position.
Assets generally are listed in ord