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Midterm

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Department
Accounting
Course
ACC 100
Professor
Else Grech
Semester
Fall

Description
ACC 100 - BUSINESS CYCLE ACCOUNTING MIDTERM GUIDANCE CONCEPTS TO KNOW: • Understand the basic four financial statements, what they report, how they are useful and how they are inter-connected. • Understand the debit-credit framework and know how to make basic journal entries. • Know how to make adjusting entries for accruals and deferrals and why they are important. • Know the difference between cash and accrual accounting and what GAAP requires. • Understand the purpose of and methods for making closing entries and be able to distinguish these from adjusting entries (i.e. what different purposes do closing entries and adjusting entries serve?). • Be able to name and describe each stage of the Accounting Cycle and know the order in which they occur and how they are inter-related. • Know the general kinds of financial ratios (Profitability, Liquidity, Solvency), what they are used for and who uses them. • Be sure to understand the formulas for all financial ratios and where to find the inputs (i.e. which statements or other sources).
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