Mid-Term Review. CHAPTERS 1-2 1.Accounting assumptions 2.FASB 3.GAAP 4.CPA.

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Presentation transcript:

Mid-Term Review

CHAPTERS Accounting assumptions 2.FASB 3.GAAP 4.CPA

THE BASICS 1.The accounting equation 2.Account classification 3.Increases decreases 4.Assets 5.Liabilities 6.Owner’s Equity

THE BASICS 1.Fiscal period 2.The accounting cycle

ACCOUNTS 1.Temporary accounts 2.Permanent accounts 3.Revenue 4.Expense 5.Withdrawals 6.Chart of accounts, numbering

DEBITS VS. CREDITS 1.Definitions 2.Normal balances 3.Increases/Decreases

POSTING 1.Definition 2.Five steps 3.Calculating balances

Transactions 1.Four steps 2.Journalizing 3.Posting 4.Trial Balance