Principles of Financial Accounting
Principles of Financial Accounting ACCT 201
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This 1 page Study Guide was uploaded by Darren Balistreri on Monday September 28, 2015. The Study Guide belongs to ACCT 201 at Old Dominion University taught by Patricia Doherty in Fall. Since its upload, it has received 14 views. For similar materials see /class/215340/acct-201-old-dominion-university in Accounting at Old Dominion University.
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Date Created: 09/28/15
Acct 201226 Fall 2008 Study Guide for test 1 Chapter 1 Be able to de ne these Key Terms Accounting Financial and Managerial Accounting Equation Expanded Assets Liabilities Owner s Equity Revenue Expense Withdrawal Statements Balance Sheet Income Owner s Equity Cash Flow what is on each statement and what time is associated with each statement Business Organization Sole Proprietorship Partnership Corporation Business Activity Service Merchandising Manufacturing Business Transactions Operating Investing Financing Transactions Users External and Internal Principles Business Entity Cost Going concern Monetary unit Objectivity Revenue Recognition Generally Accepted Accounting Principles GAAP Users Internal and External Transaction Analysis Chapter 2 Be able to def39me these Key Terms Account account balance Debit and Credit which accounts increase with a debit which with a credit where is a normal account balance is it a debit or credit Exhibit 27 page 54 Chart of accounts example Exhibit 24 page 52 Double entry accounting Journal Journal Entries and General Journal Ledger and Posting to Ledger T account Trial Balance what when why Be able to do journal entries for Basic business transactions Be able to calculate Account balances after various transactions A trial balance Page 1
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