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KSU / Accounting / ACCT 231 / What are the characteristics of vacuole?

What are the characteristics of vacuole?

What are the characteristics of vacuole?


Accounting 231  

What vacuole means?

Exam 3 Study Guide  

What is the Accounting Equation:

Assets = Liabilities + Owner's Equity  

Describe a Double-entry Accounting:

 As one change is made in the accounting equation, a second change is required to  keep the equation balanced  

Identify the 3 characteristics of an Accounting Event:

1. specific to the entity  

2. measurable in monetary terms

3. impact the entity's assets, liabilities and/or owner's equity  

 Explain the steps in analyzing an accounting event:

1. identify the specific accounts (cash, accounts receivable, accounts payable,  capital stock, etc.) affected. There must be at least two accounts affected 2. classify the accounts (asset, liability, owner's equity, revenue, expense) 3. determine the effect of the accounting event on the accounts and corresponding  classifications (increase, decrease, no effect)  

What do you mean by adjustment entry?

4. summarize the accounting event using the accounting equation  

5. check that the accounting equation is in balance

Define Account: If you want to learn more check out What is trust-based relationship selling?

A place where items are recorded

Describe a Chart of Accounts:

An index of account names a business uses; Example:

T-Account - informal representation of accounts (check register)

Distinguish between Debit and Credit 

Debit means the left side of an account and means what the account should have;  Credit is the right side of an account and means what the account should give

Classify which is the normal increase side of each of the following accounts: ∙ Asset - debit

What is the impact of both a revenue deferral and an expense deferral?

∙ Liability - credit

∙ Owner's Equity (Capital Stock & Retained Earnings) - credit

What are Retained Earnings:

Comprehensive income (dividends)

Define the following terms:

∙ Journalizing  

∙ Journal entry  

∙ General journal  

∙ General ledger  

∙ Posting  

List the steps of the Accounting Cycle: If you want to learn more check out How do social identities influence people's views and interactions with each other?

1. Identify, analyze, and measure accounting events

2. Record accounting events in the general journal  

3. Post journal entries to the general ledger

Accounting 231  

Exam 3 Study Guide  

4. prepare an unadjusted trial balance

5. enter adjusting entries in the general journal and post them to the general ledger  If you want to learn more check out What is the study of age or stage-based patterns of mortality and reproduction w/in a population?

Explain an Adjusting Entry:

recorded to the general ledger to ensure the revenues gained or expenses incurred  are recorded in the proper months  

What is the impact of both a Revenue Deferral and an Expense Deferral: ∙ Revenue Deferral - occur when the cash flow precedes either expense or revenue  recognition; credited when cash is received from a customer in one period for  goods/services to be provided in a future period

∙ Expense Deferral -  

Describe a Contra Account:

When an accounts normal debit/credit is reversed  

Identify the 4 primary financial statements:

1. Balance sheet

2. Income statement Don't forget about the age old question of What are the labels or names used to identify an element?

3. Statement of cash flows

4. Statement of changes in owner's equity

Identify the cash flows classifications that appear on the statement of cash flows: ∙ Operating activities

∙ Investing activities

∙ Financing activities  

What is the purpose of a closing entry:

1. temporary accounts are zeroed out

2. to formally update the retained earnings account  

Specify which types of accounts require closing entries and what types of  accounts to they include:

Nominal (temporary) accounts; they include gains, losses, dividends, revenues,  expenses

Describe a Permanent Account and what types of accounts are included: Permanent means Real Account; they include assets, liabilities, owner's equity

Explain a Post-Closing Trial Balance:

All temporary accounts are gone, or zeroed out, and the final adjusted entries are  posted

Identify the shortcomings of a manual accounting system:

1. it is labor intensive

2. it is inefficient If you want to learn more check out What many bacteria a human body have?

3. it is error prone

Identify the 4 advantages of a computerized transaction-based accounting  system:

1. quicker posting

2. detailed listings

Accounting 231  

Exam 3 Study Guide  

3. internal controls

4. more reporting capability

Identify the benefits of a database system:

1. recognize business events

2. reduce inefficiencies

3. eliminate redundancies

Must know how to do the following: 

∙ Be able to prepare an adjusted trial balance when given an unadjusted trial balance ∙ Be able to analyze financial statements when given an Income Statement, Statement of Owner's Equity, Balance Sheet, and Statement of cash flows. Be able to pick out  which transactions belong to each account.  

∙ Be able to enter closing entries in the general journal and post to the general ledger.  Know the difference between Real (permanent) and Nominal (temporary) accounts.  ∙ Be able to prepare a post-closing trial balance

∙ Be able to enter adjusting entries in the general journal and post to the general  ledger  We also discuss several other topics like What are the examples of baroque?

∙ Be able to distinguish between Accruals and Deferrals

Accounting 231  

Exam 3 Study Guide  

Picture 1: use to help make the decision of

whether to debit or credit an account. First

ask if you are using or providing the  

account in question, then whether you  

have already paid for it, or will pay for it in

the future. The bullet points will tell you  

which type of account it is, then use the  

normal credit/debit balance for that type  

of account to make your decision.  

Picture 2: A layout of which account types  

fit under the different parts of the accounting equation to help figure out  which accounts have a normal credit balance and which have a normal debit  balance.

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