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Exam 1 Review

by: Sophia Mattera

Exam 1 Review ACC231

Sophia Mattera

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About this Document

These notes cover the in class review we had following test 1. It covers a lot of information that was on the exam.
Uses of Accounting Info I
Eric Rosano
Class Notes
exam, Prep, review, Exam 1, Accrued, Credit, Debit, balance
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This 2 page Class Notes was uploaded by Sophia Mattera on Friday February 12, 2016. The Class Notes belongs to ACC231 at Arizona State University taught by Eric Rosano in Spring 2016. Since its upload, it has received 79 views. For similar materials see Uses of Accounting Info I in Accounting at Arizona State University.


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Date Created: 02/12/16
ACC231- Exam 1 – Class Review (After Exam)  Going concern o Evidence that a business is going to continue to operate  Reliability o It would be the same if recorded by a third party  Relevance o Information is worth recording  Business entity o Personal and business data should not be mixed  Accrued Expense o Receiving money after the event  Normal balance of an account o The side, debit or credit, that increases the account  Debit o Increases an account  Credit o Decreases an account  Expense accounts begin with a 5  Accrued o Event before cash is received  Differed o Cash received before event  Common stockholders typically have voting rights, but they only vote on broad-based topics, not everyday operations  Revenues increase retained earnings, while dividends and expenses decrease retained earnings  Accounting is often referred to as the “language of business”  Double-entry accounting o Debits must equal credits when a transaction is recorded  A business o A legal entity that provides to its stakeholders through the exchange of goods and services


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