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Lecture Notes for ACCT 201 - Principles of Financial Accounting with Doherty at Old Dominion (ODU)

Notes Information

Material Type:Study Guide 3
Professor:Doherty
Class:ACCT 201 - Principles of Financial Accounting
Subject:Accounting
University:Old Dominion University
Term:Fall 2008
Keywords:
  • Contra Account
  • Accrued Expenses
  • Unadjusted Trial Balance
  • Prepaid Expenses
  • Trial Balance
  • Adjusted Trial Balance
  • Account Balance
  • Journal Entries
  • Matching Principle
  • Going Concern
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Acct 201/226 Fall 2008 Study Guide for test #1 Chapter 1 Be able to define these Key Terms: Accounting – Financial and Managerial Accounting Equation (Expanded) Assets. Liabilities, Owner’s Equity, Revenue, Expense, Withdrawal Statements – Balance Sheet, Income , Owner’s Equity, Cash Flow (what is on each statement and what time is associated with each statement) Business Organization - Sole Proprietorship, Partnership, Corporation Business Activity – Service, Merchandising, Manufacturing Business Transactions – Operating, Investing, Financing Transactions Users – External and Internal Principles – Business Entity, Cost, Going-concern, Monetary unit, Objectivity, Revenue Recognition Generally Accepted Accounting Principles (GAAP) Users – Internal and External Transaction Analysis Chapter 2 Be able to define these Key Terms: Account, account balance Debit and Credit - which accounts increase with a debit – which with a credit ,where is a normal account balance – is it a debit or credi...

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