Here are the key areas covered in

Midterm exam. Good luck. CHAP 2

CHAP 1 Account
Accounting equation Balance sheet accounts
Accounting information users Book of original entry
Accounting jobs
Chart of accounts
Accounting reports
Compound journal entry
Assets

Auditors
Documents
Balance sheet Journals
Capital Ledger accounts
Claims of creditors and owners total business
assets
Ledgers
Cost principle vs fair value principle Normal balance
Determination of net income Simple journal entry
Economic entity assumption
Tabular form
Economic events
The double-entry system of
Ethical behavior
accounting
Financial statement
Trial balance
Generally accepted accounting principles

Income statement

Internal transactions vs external transactions

Interpretation of reported information

Monetary unit assumption

Owner withdraws

Owner's equity

Private accountant vs public accountant

Purpose of the statement of cash flows

Recording an economic event

Residual equity

Revenues

Steps of accounting process

The usefulness of accounting study

Transaction
CHAP 3
Accrual basis of accounting
Accumulated depreciation
accounts
Adjusting entries
Asset prepayments
Cash basis of accounting
Contra asset account
Depreciation expense
Expense recognition principle
Fiscal year
Interim periods
Prepaid costs
Revenue recognition principle
Time period assumption
Unearned revenue
CHAP 4
Classified balance sheet
Closing entries
Current liability
Income summary
Intangible assets
Journalized
Long-term investments
Operating cycle of a
company
Order of liquidity
Permanent account
Post-closing trial balance
Property, plant, and
equipment
Temporary accounts
Worksheet