Day 14: Ch 1 Quiz

• Complete the chapter 1 quiz
• Review chapter 1 concepts by watching these videos online:
• The Accounting Equation (7:55)
• Accounting Transactions (5:33)
• Financial Statements (7:07)

Day 13: Review Financial Statements

Review all the questions from Mon thru Wed posts in addition to the questions below:

Be sure you can accurately describe the basic components of each of the financial statements:

• Income Statement
• Retained Earnings Statement
• Balance Sheet
• Cash Flow Statement

Watch the Chapter 1 Videos and take notes as you watch

Chapter 1 Quiz Next Class Period

Day 12: Review: Business Transaction Basics

Be sure you can answer the following questions:

1. When should revenues and expenses be reported?
2. Describe the concept of a prepaid expense:
3. Compare and contrast accounts receivable and accounts payable:
4. What does debit and credit mean?

Be sure you know how to record the following transactions:

1. Issue stock for cash.
2. Buying an asset on account or with cash.
3. Paying off a debt.
4. Providing a service for a fee on account or for cash.
5. Collecting a debt.
6. Paying for utilities.
7. Declare and pay dividends.

Be sure you can accurately describe the basic components of each of the financial statements:

• Income Statement
• Retained Earnings Statement
• Balance Sheet
• Cash Flow Statement

Chapter 1 Quiz Next Class Period

Day 11: Review GAAP and Accounting Concepts

Be sure you can answer these questions:

1. What is GAAP?
2. What are the different Tpes of Accounting and who are the users of each type?
3. What is SOX?
4. Describe the following accounting concepts and principles:
1. Business Entity Concept
2. Unit of Measure Concept
3. Cost Principle
4. Measurement (Objectivity) Principle
5. Revenue Recognition Principle
6. Matching Principle
5. What is the Accounting Equation and the Rules of Debit and Credit?
6. List and describe the different parts of the Accounting Equation:
7. Describe the concept of a Business Transaction:

Day 10: Review Nature of Business and Accounting

Be sure you can answer these questions:

1. What is profit?
2. What is a CPA?
3. List and describe the General Purpose Financial Statements:
4. List and describe the different business types:
5. List and describe the advantages and disadvantages of the different forms of business organization:
6. What is the role of accounting?
7. Create a list of both internal and external users of accounting information:

Day 9: Financial Statements and Analysis

1. General Purpose Financial Statements  12.5%
1. income statement
2. statement of retained earnings
3. balance sheet
4. statement of cash flows
2. Ratio of Liabilities to Stockholders’ Equity  2.5%

Day 8: Account Characteristics

1. Account Characteristics 15%
1. accounts receivable
2. prepaid expenses
3. accounts payable
4. capital stock
5. dividends
6. retained earnings
7. fees earned
8. sales

Day 7: Business Transactions

1. Business Transactions and their effect on the accounting equation 20%

Day 6: The Accounting Equation

1. Accounting Equation 2.5%
2. Account Classifications 5%
1. assets
2. liabilities
3. stockholders’ (owner’s) equity

Day 5: Ownership Forms and Key Concepts

• Forms of Business Entities (ownership types) 10%
• Sole Proprietorship
• Partnership
• Corporation
• LLC
• Key Concepts and Principles 10% 

• Assumptions
• Business Entity
• Monetary Unit
• Time Period
• Going Concern 
• Principles
• Measurement
• Historical Cost
• Revenue / Expense Recognition
• Matching Principle