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Fundamentals of Financial Accounting

by: Rey Schmitt

Fundamentals of Financial Accounting ACTG 211

Marketplace > Radford University > Accounting > ACTG 211 > Fundamentals of Financial Accounting
Rey Schmitt
GPA 3.5

Helen Roybark

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Helen Roybark
Study Guide
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This 1 page Study Guide was uploaded by Rey Schmitt on Monday October 19, 2015. The Study Guide belongs to ACTG 211 at Radford University taught by Helen Roybark in Fall. Since its upload, it has received 20 views. For similar materials see /class/224746/actg-211-radford-university in Accounting at Radford University.


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Date Created: 10/19/15
ACTG 21 1 Exam 1 Study Guide InClass The inclass portion of Exam 1 includes 28 conceptual and applicationtype requires computations multiple choice questions The types of conceptual multiple choice questions that you should be able to answer include the following topics Identify the organization that establishes US generally accepted accounting principles Identify the steps in the accounting process analyze record post trial balance Identify the order of assets of a classi ed balance sheet Identify the primary objective of nancial accounting Identify the area of accounting aimed at serving internal users Identify the accounting equation De ne prepaid expenses De ne General ledger De ne Taccounts debits on the right credits on the left Identify increases to elements assets debits liabilities credits equities credits revenues credits expenses debits Identify decreases to elements assets credits liabilities debits equities debits revenues debits expenses credits De ne the posting process De ne journals De ne the revenue recognition principle De ne permanent accounts and temporary accounts De ne the current ratio Current assets Current liabilities De ne accrued expenses De ne income summary account Evaluate the effects of failure to make adjusting entry for accrued and unpaid expenses The types of application type multiple choice questions requires computations include Compute an unknown value using the accounting equation A L OE Compute pro t margin Net incomeNet sales Compute depreciation expense using straightline method of depreciation Acquisition cost 7 savage value Estimated useful life Note Estimated useful life in years or months don t forget to consider partial years


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