1. Mid-Term Review

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

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

4. THE BASICS 1.Fiscal period 2.The accounting cycle

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

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

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

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