ACC 221 Exam 1 Cram Kit
Week 1 – Accounting Equation, General Journal & Ledger, Trial Balance, Balance Sheet
11 Concepts
The Accounting Equation
Assets
Liabilities
Equity
Debits vs. Credits
Normal Balances
Journal Entries
General Journal
General Ledger
Pre-Closing Trial Balance
Balance Sheet
Week 2 – Revenue vs. Expense, Income Statement, Closing Process
9 Concepts
Accrual Basis Accounting
Revenues
Expenses
Accounts Receivable
Interest Payable
Income Statement
Closing Entries
General Ledger (with Closing Entries)
Post-Closing Trial Balance
Week 3 – Accounts Payable
1 Concept
Accounts Payable
Week 4 – Adjusting Entries
6 Concepts
Straight-Line Depreciation
Supplies
Prepaid Assets
Wages
Note Payable
Unearned Revenue
Week 5 – Dividends
1 Concept
Dividends (v1)
Practice Exam 1 – ACC 221
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Normal Balances
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