ACT 205- Midterm Exam Guide - Comprehensive Notes for the exam ( 48 pages long!)
Document Summary
The profit from the operating activities can then be used to buy more resources or returned to creditors and investors. Investors and creditors would like to know about. ***we put negative numbers (net losses) in brackets. Presents financial positions of that company as of a certain date. Analyze the effect of business transactions on the basic accounting equation. Define debits and credits and explain how they are used to record business transactions. Analyze and record basic accounting transactions using journal entries. Explain the normal balance for different types of accounts and whether the account increases with debits or credits. Post journal entries to ledgers and t-accounts and compute ending balances. Order to be used for homework: assets, liabilities, stockholders" equity, When goods and services are provided to customers. Cost of assets acquired in one period that will be expensed in the a future period.
