ACCT 2001- Midterm Exam Guide - Comprehensive Notes for the exam ( 25 pages long!)
Document Summary
Lo 1: main forms of business organization. Lo 2: the purpose of financial information is to provide inputs for decision making. __________________, and ____________________ the economic events of an organization to interest users: users of accounting information (two categories & examples of each) Effective financial reporting depends on sound __________________________: three types of business activities and examples of each: Lo 4: name and define the 4 financial statements: Lo 5: define the following (lo 3 pages 9 to 11): 01 page 6 of 8: state the basic accounting equation, components of the annual report. Financial statements should be prepared in the following order: Income taxes payable: know the definitions listed in the glossary at the end of the chapter. Chapter 4: accrual accounting concepts (note: this worksheet is intended as an optional study guide. Expense recognition principle: differentiate between accrual-basis accounting and cash-basis accounting:
