Revision For Midterm.docx

Here are the key areas covered in Midterm exam. Good luck. CHAP 1

CHAP 2 Account

Accounting equation

Balance sheet accounts

Accounting information users

Book of original entry

Accounting jobs

Chart of accounts

Accounting reports Assets

Compound journal entry

Auditors

Documents

Balance sheet

Journals

Capital

Ledger accounts

Claims of creditors and owners total business assets

Ledgers

Cost principle vs fair value principle

Normal balance

Determination of net income

Simple journal entry

Economic entity assumption

Tabular form

Economic events Ethical behavior Financial statement Generally accepted accounting principles Income statement Internal transactions vs external transactions Interpretation of reported information Monetary unit assumption Owner withdraws Owner's equity Private accountant vs public accountant Purpose of the statement of cash flows Recording an economic event Residual equity Revenues Steps of accounting process The usefulness of accounting study Transaction

The double-entry system of accounting Trial balance

CHAP 3

CHAP 4

Accrual basis of accounting

Classified balance sheet

Accumulated depreciation accounts

Closing entries

Adjusting entries Asset prepayments Cash basis of accounting Contra asset account Depreciation expense

Current liability Income summary Intangible assets Journalized Long-term investments

Expense recognition principle

Operating cycle of a company

Fiscal year

Order of liquidity

Interim periods

Permanent account

Prepaid costs

Post-closing trial balance

Revenue recognition principle

Property, plant, and equipment

Time period assumption Unearned revenue

Temporary accounts Worksheet