Study guide for exam 2 chapters

Define double-entry accounting and state the rules for double entry. The exam will consist of: Be able to give examples of each. Know the following definitions and terms related to the Multistep Income Statement: Study the review problem on pg Explain the difference between a sole proprietorship, partnership, and corporation.

Define and prepare a trial balance and describe its purpose and limitations. Identify and define financing, investing, and operating activities as key business activities.

Be sure to review the following!!!!! This study guide should be used to guide your studying.

Explain the difference between Financial and Management accounting and give examples of the types of information each provides. Define financial position and clearly define each of the following key components of financial position: It is not an exhaustive list of information you need to know, but is highlights some of the important information we have covered so far.

Explain the purpose of each of the following accounts, identify the normal balance of each, identify the financial statement including where on the statement each account is on: Review homework questions and class notes. Define the terms debit, credit, T-account, normal balance, source document, general ledger, and general journal.

Define chart of accounts, identify the key account classifications, and place classifications in their proper order. Identify and briefly explain the two choices in inventory systems. Also identify which form of ownership accounts for the most of business and which form of ownership accounts for the biggest receipts revenue.

Be able to make basic journal entries for merchandise inventory, sales, returns, discounts, freight in, and freight out using a perpetual inventory system. Another good reality check would be to review the homework with pencil and paper.

Be able to make journal entries for purchases, sales, returns, discounts, freight in, and freight out using a periodic inventory system. Be able to create an income statement using the periodic inventory system, paying special attention to the cost of goods sold section and relevant terms see pg Use Practice Quizzes in Cengage.

Define the difference between a trade discount, a sales discount, and a purchases discount. Take Practice Quizzes on Cengage. If you prefer details, then write a few phrases about each of the concepts listed below. Study the difference between the Single Step Income Statement pr and the Multistep Income Statement pg and be able to convert from one to the other.

Josh will have office hours on Wednesday 6th-7th periods online and Thursday 7th period in person in Turlington Use this Study Guide along with the Detailed Readings website in order to focus your study.

Be able to create an income statement using the perpetual inventory system see pg Define the operating cycle. Identify and explain the key components of the following financial statements and be able to create each including proper formatting given a set of numbers: Properly analyze, record, and post basic business transactions and show their impact on financial position.

Define business transaction and the separate entity and explain the importance of each of these concepts as they relate to accounting. Define generally accepted accounting principles GAAP and explain their importance to the accounting profession and the presentation and use of financial statements.

Identify the key users of accounting information and explain the specific types of information each group needs. The short-answer questions, you are expected to explain a concept and give an example that illustrates your understanding OR to give a brief no more than one or two paragraph response directly answering the question.

I will have office hours on Wednesday 6th period online and Thursday 7th-8th periods in person. Identify the purpose of an audit. Identify and define profitability and liquidity as important business goals. To prepare for the test, be sure you have completed all of the readings, reviewed your reading notes, reviewed your class notes from lectures, discussions, films and activities and the ICA questions.

Review exercises and problems in the homework for Chapter 5. Chapter 2 — Measuring Business Transactions Identify and explain the key measurement issues of recognition, valuation, and classification, including explanation of how these issues are generally solved.with your purchase of an ASM Study Manual for Exam P, FM, IFM, LTAM, STAM, SRM, MAS-I and MAS-II: Virtual eFlashcards (when available) Actuarial Exams and Career Developement Guide; Actuarial Spreadsheet Design Webinar; Sample of supplementary texts and study tools; How to access your StudyPlus+ tools.

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Study guide for exam 2 chapters
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