1) know the difference between a service business and a manufacturing business. 2) What does journalizing mean? 3) Know what Accounts Payable is
Final Exam Review for ACC100
1) know the difference between a service business and a manufacturing business.
2) What does journalizing mean?
3) Know what Accounts Payable is
4) What is a T account
5) How many accounts are affected by each transaction
6) What is posting
7) Do
8) What is in the Income Statement column on the 10-column worksheet
9) How do you close an expense account
10) What is a sole proprietorship, a
11)What is net income
12) What entry is made when a sale on account is made
13) What is a
14) What does it mean when a transaction is in balance
15) What are source documents
16)What is the journal used for?
17) How many accounts will a
18) Adjusting entries never affect which account
19) What is the basic equation
20) What does summarizing mean?
21) What does net loss mean?
22) Understand WIRE
23) Which financial statement will you find liabilities?
24) If Office Supplies are purchased on account, what would the entry be?
25) What are the normal balances of the following accounts:
Assets, liabilities, owner’s equity, withdrawals, revenues expenses
26) What would the journal entry be if an owner makes an investment
27) In a 10-column worksheet, what is in the 4th set of columns?
28) You must know how to calculate a discount
29) when you make purchases on account, what would be the entry?
30) Know how to adjust a prepaid account
31) Understand the end of the year adjustment for salaries when the year ends during the middle of the week.
32) What is the difference between a drawing account and an expense account.
33) You will be shown a Trial balance and will be given adjustment information, you will be required to do the journal entries for the adjustments
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