Accounting

-Compute the Accounting Equation and all of its main components.

-Explain the Basic Accounts and name the "verbs" for each type of account.

-Explain the Debit/Credit Rules and Normal Balance for Assets, Liabilities, and Owners' Equity Accounts.

-Identify how accounts increase and decrease in value.

-Explain the difference between "accrual basis" vs "cash basis" accounting methods.

-Explain the adjusting entry account relationships for the following adjusting entries: accounts receivable(arrcued revenues), accounts payabe(accrued liabilities), prepaid expense, and unearned service revenue.

-List the closing entries for closing revenues, expenses, dividends, and the Income Summary Account.

-Explain the Temporary and Permanent accounts.

-Explain the difference between the Trial Balance, the Adjusted Trial Balance, and the Post-Closing Trial Balance.

-Explain the effect of mistakes(errors) on the Trial Balance.

-Explain the purpose for liquidity, profitability, and solvency ratios, and how to analyze ratio results.

-Explain how to compute Working Capital, Current Ratio, Debt to Assts Ratio, Free Cash Flow, Earnings per Share.