ACC 221 Exam 1 Cram Kit (v2)
Week 1 – Accounting Equation, General Journal & Ledger, Trial Balance, Balance Sheet (v2)
11 Concepts
The Accounting Equation (v2)
Assets (v2)
Liabilities (v2)
Equity (v2)
Debits vs. Credit (v2)
Normal Balances (v2)
Journal Entries (v2)
General Journal (v2)
General Ledger (v2)
Pre-Closing Trial Balance (v2)
Balance Sheet (v2)
Week 2 – Revenue vs. Expenses, Income Statement, Closing Process (v2)
9 Concepts
Accrual Basis Accounting (v2)
Revenues (v2)
Expenses (v2)
Accounts Receivable (v2)
Interest Payable (v2)
Income Statement (v2)
Closing Entries (v2)
General Ledger (with Closing Entries) (v2)
Post-Closing Trial Balance (v2)
Week 3 – Accounts Payable (v2)
1 Concept
Accounts Payable (v2)
Week 4 – Adjusting Entries (v2)
5 Concepts
Straight-Line Depreciation (v2)
Supplies (v2)
Prepaid Assets (v2)
Wages (v2)
Unearned Revenue (v2)
Week 4 – Notes Payable (v2)
3 Concepts
Borrowing note (v2)
Accruing interest (v2)
Paying note at maturity (v2)
Week 5 – Dividends (v2)
2 Concepts
Declaring dividend (with Retained Earnings) (v1)
Paying the dividend (v1)
Next Concept
The Accounting Equation (v2)
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