ACG 2021 Midterm: ACG 2021 Exam 1 Review
Document Summary
All questions on exam are based on accrual accounting unless. Overall : definitions in blue throughout the 3 chapters (i. e. the definitions for block 1 that were the basis for the definitions quiz about 35% of the exam), accounting equation - illustration 2-9 pg. Please concentrate on the above items and not on memorizing the formats of the trial balances or financial statements. Chapter 1: two functions of accounting, how to measure business activity through accounting equation, financial statements and relationships. Income statement: statement of stockholders" equity, balance sheet, cash flow, operating, financing, investing, rules of financial accounting gaap and fasb, auditor responsibility, management responsibility. Chapter 2: effects of external transactions on accounting equation, debits and credits for accounting equation, normal balance, *** illustration 2-9 pg. 56**: record journal entry, post transaction to t account in general ledger, trial balance (unadjusted) definition and how it is prepared.
