BAT4M Accounting Cycle Test Review List

For Tuesday March 18

Please review the following:

• Basic Accounting Terms (accounting duties, debit/credit, etc.)
• Accounting Concepts (Time Period, Business Entity, Going Concern, Monetary Unit Assumption)
• GAAPs (9 principles: cost principle, objectivity, conservatism, revenue recognition, expense recognition, matching principle, consistency, materiality, full disclosure)
• Trial Balance (organization, format)
• Financial Statements (Income Statement and Balance Sheet, formatting, calculating Owner's Equity)
• General Journal and General Ledger (entries, formatting)
• Adjusting Entries (definition, determining if they are necessary, creating adjusting entries)
• Closing Entries (4 entries, permanent/temporary accounts, Income Summary)
• Accounting Ethics
• Basic Calculations

You will have to do some Math. Bring a calculator if you need to.