Accounting Principles ACCT&201 Exam 1

For the first exam of Green Rivers accounting class 202 taught by Jeanette Fohn Chapters 1-2 of Financial Accounting ISBN10: 1260786528 | ISBN13: 9781260786521 By David Spiceland, Wayne Thomas and Don Herrmann.

2 Primary Functions of Accounting

Operating Activities

Investing Activities

Financing Activities

Accounting Equation

Accounts in the Income Statement

Accounts in the Statement of Stockholders Equity

Accounts in the Balance Sheet

Accounts in the Statement of Cashflow

Stockholders Equity = common stock + retained earnings

Assets = liabilities + Stockholders Equity

4 Assumptions of GAAP

Economic Entity Assumption

Monetary Unit Assumption

Periodicity Assumption

Going Concern Assumption

Assets

Liabilities

Stockholders Equity

Deferred Revenue

Prepaid Rent

Trial Balance

Chart of Accounts

Concept of debits and credits