ACCT 2000 Study Guide - Midterm Guide: General Ledger, Quick Ratio, Preferred Stock
Document Summary
Note: exam may cover topics not included in this document. This document is meant to be a guide covering the larger topics covered in the course. Forms of business types, advantages and disadvantages: sole proprietorship simple, control, tax advantages: personal liability, partnership easy, broader skills, tax advantages; personal liability, corporation easy to sell. 4 financial statements: income statement, retained earnings statement, balance sheet, statement of cash flow. Sec securities and exchange commission - us agency oversees us markets. Assumptions monetary unit, economic entity, periodicity, going concern, full disclosure, cost principle. Accounting equation (cid:894)assets = lia(cid:271)ilities + sto(cid:272)kholde(cid:396)s" e(cid:395)uit(cid:455)(cid:895) know expanded equation and how transactions affect expanded equation. Chart of accounts list of all possible accounts. Trial balance- purpose is to ensure debits = credits after posting. Pmc 4 easy transfer of ownership is a characteristic of which form of business organization: sole proprietorship, partnership, corporation, all of the answer choices are correct.
