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Here Are The Key Areas Covered in Midterm Exam. Good Luck. Chap 1 Chap 2

The midterm exam will cover key concepts from Chapters 1-4 of the textbook, including the accounting equation, balance sheets, income statements, the double-entry system, generally accepted accounting principles, assets, liabilities, equity, revenues, expenses, accrual basis accounting, adjusting and closing entries, and long-term investments. Good luck on the exam!

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Hiếu Smith
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56 views

Here Are The Key Areas Covered in Midterm Exam. Good Luck. Chap 1 Chap 2

The midterm exam will cover key concepts from Chapters 1-4 of the textbook, including the accounting equation, balance sheets, income statements, the double-entry system, generally accepted accounting principles, assets, liabilities, equity, revenues, expenses, accrual basis accounting, adjusting and closing entries, and long-term investments. Good luck on the exam!

Uploaded by

Hiếu Smith
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Here are the key areas covered in

Midterm exam. Good luck. CHAP 2


CHAP 1 Account
Accounting equation Balance sheet accounts
Accounting information users Book of original entry
Accounting jobs
Chart of accounts
Accounting reports
Compound journal entry
Assets

Auditors
Documents
Balance sheet Journals
Capital Ledger accounts
Claims of creditors and owners total business
assets
Ledgers
Cost principle vs fair value principle Normal balance
Determination of net income Simple journal entry
Economic entity assumption
Tabular form
Economic events
The double-entry system of
Ethical behavior
accounting
Financial statement
Trial balance
Generally accepted accounting principles

Income statement

Internal transactions vs external transactions

Interpretation of reported information

Monetary unit assumption

Owner withdraws

Owner's equity

Private accountant vs public accountant

Purpose of the statement of cash flows

Recording an economic event

Residual equity

Revenues

Steps of accounting process

The usefulness of accounting study

Transaction
CHAP 3 CHAP 4
Accrual basis of accounting Classified balance sheet
Accumulated depreciation Closing entries
accounts
Current liability
Adjusting entries
Income summary
Asset prepayments
Intangible assets
Cash basis of accounting
Journalized
Contra asset account
Long-term investments
Depreciation expense
Operating cycle of a
Expense recognition principle company
Fiscal year Order of liquidity
Interim periods Permanent account
Prepaid costs Post-closing trial balance
Revenue recognition principle Property, plant, and
equipment
Time period assumption
Temporary accounts
Unearned revenue
Worksheet

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