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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 topics from chapters 1 through 4 including the accounting equation, balance sheets, income statements, assets, liabilities, owners' equity, the accounting process, accrual basis accounting, adjusting entries, and financial statement preparation. Over 60 accounting concepts, principles, reports, accounts, and steps are listed that students should be prepared to be tested on for the midterm. Good luck on your exam!

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Ha Tran
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46 views

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

The midterm exam will cover key topics from chapters 1 through 4 including the accounting equation, balance sheets, income statements, assets, liabilities, owners' equity, the accounting process, accrual basis accounting, adjusting entries, and financial statement preparation. Over 60 accounting concepts, principles, reports, accounts, and steps are listed that students should be prepared to be tested on for the midterm. Good luck on your exam!

Uploaded by

Ha Tran
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 done
Accounting equation done Balance sheet accounts
Accounting information users done Book of original entry done
Accounting jobs done
Chart of accounts done
Accounting reports
Compound journal entry done
Assets done
Documents done
Auditors done

Balance sheet done Journals done


Capital done Ledger accounts done
Claims of creditors and owners total business Ledgers done
assets

Cost principle vs fair value principle done Normal balance done


Determination of net income done Simple journal entry done
Economic entity assumption done Tabular form done
Economic events
The double-entry system of
Ethical behavior done accounting done
Financial statement done
Trial balance done
Generally accepted accounting principles done

Income statement done

Internal transactions vs external transactions


done

Interpretation of reported information

Monetary unit assumption done

Owner withdraws done

Owner's equity done

Private accountant vs public accountant done

Purpose of the statement of cash flows done

Recording an economic event done

Residual equity done

Revenues done

Steps of accounting process done

The usefulness of accounting study

Transaction done
CHAP 3 CHAP 4
Accrual basis of accounting Classified balance sheet
done done

Accumulated depreciation Closing entries done


accounts done
Current liability done
Adjusting entries done
Income summary done
Asset prepayments done
Intangible assets done
Cash basis of accounting done
Journalized
Contra asset account done
Long-term investments
Depreciation expense done done

Expense recognition principle Operating cycle of a


done company done
Fiscal year done Order of liquidity done
Interim periods done Permanent account done
Prepaid costs done Post-closing trial balance
done
Revenue recognition principle
done Property, plant, and
equipment done
Time period assumption done
Temporary accounts done
Unearned revenue done
Worksheet done

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