Master Accounting: Study Suggestions & Review - Chapters 1, 2, 3

EXAM REVIEW — CHAPTERS 1, 2, 3 STUDY SUGGESTIONS 0 Review your class notes, homework exercises and problems. 0 Be sure to review any chapter appendicies assigned on the General Course Outline. . Review Demonstration Problem, Summary and Key Terms at the end of each chapter. . Answer the Multiple Choice Quiz at the end of each chapter. 0 Answer Multiple Choice Quiz A and B on the textbook website 0 Know accounting terms and concepts by answering the Discussion Questions at the end of each chapter. . Know the account classification (i.e. asset, liability, or owner's equity) and normal balance of all accounts. 0 Know what the financial ratios mean and how to calculate them. 0 Other online help is available ay a variety of sites such as: Key Terms and Concepts to Know Chapter 1 - Accounting in Business . Accounting equation and its three basic elements: assets, liabilities and owners equity Important . How business transactions affect the three basic elements in the accounting equation. . Income Statement: 0 The types of accounts used 0 Prepare an income statement Important 0 Calculate net income without preparing an income statement using the accounting equation . Retained Earnings Statement: 0 The types of accounts used 0 Prepare a retained earnings statement 0 Retained Earnings Statement links the income statement and dividends to the balance sheet . Balance Sheet 0 The types of accounts used 0 Prepare a balance sheet Important