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Accounting Exam 1 Review.docx

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Northeastern University
ACCT 1201
Ronen Gal-or

ACCT 1201 Review Sheet, Chapters 1-5 Midterm Exam 1 Spring 2013, Prof. Gal-Or Exam Breakdown: Multiple Choice 28% Account Classification 15% Recording Transactions 15% Adjusting Entries 27% Financial Statement Structure and Analysis 15% I. Basic Financial Statements: A. Balance Sheet A=L+SE B. Income Statement Revenues - Expenses = NI C. Statement of RE BOY RE + NI - Dividends = EOY RE D. Statement of SE Contributed Capital + Statement of RE E. Cash Flow Statement Operating, Investing, and Financing Activities II. Account Identification: A. Match accounts with financial statements: Receivables, payables, inventory, prepaid accounts, investments, patents, copyrights, goodwill, unearned revenue, debt, dividends, accumulated depreciation, cost of goods sold, contributed capital, capital stock, retained earnings, revenues, expenses. B. Know the difference between current and non-current accounts. C. Know the difference between revenues and gains, expenses and losses. III. Rules of Debit and Credit: A. Debit: assets, expenses, losses, and dividends to increase. B. Credit: liabilities, equity accounts, revenues, and gains to increase. C. Credit: assets, expenses, losses, and dividends to decrease. D. Debit: liabilities, equity accounts, revenues, and gains to decrease. Current Assets: Can She Account for Never Inventing Something Pretty? Noncurrent Assets: LI, PPE, Intangibles Current Liabilities: Accounts Payable, Accrued Expenses, Notes, Taxes, Unearned Revenue, Bonds IV. Accounting Cycle: 1. Analyze business transactions 2. Journalize the transaction 3. Post to ledger accounts (T-accounts) 4. Prepare a trial balance 5. Journalize and post adjusting entries 6. Prepare an adjusted trial balance 7. Prepare financial statements 8. Journalize and post closing entries 9. Prepare a post-closing trial balance V. Accounting Concepts and Principles See Chapter 2 Day 1 Notes A. Useful Traits of Accounting Information Reliability, Relevance, Consistency, Comparability B. Principles and Assumptions historical cost, full disclosure time period, going concern, unit of measure, separate entity C. Constraints Conservatism, Materiality See Chapter 3 Notes D. Revenue Recognition E. Matchi
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