Review common accrual accounting terms $($eg$.$ general ledger, chart of accounts, etc.$).$

Review the purpose of accounting as well as the set of rules followed and who sets the

rules.

Review how transactions affect the accounting equation. Know account normal balances

and the terms debit and credit.

Review period ending adjustments and know how to apply examples $($adjusting entries$)$

Review the accounting process from source document though period end closing,

including the preparation of a trial balance.

Know what is included and how to properly prepare an income statement, statement of

stockholders equity$/$retained earnings, balance sheet, and statement of cash flows.

Understand the complexities and additional accounts of a retailer as opposed to a service

corporation.

Review how to determine cost of goods sold using either the periodic and perpetual

reporting. How does using the different inventory valuation methods $($eg$.$ FIFO, LIFO$)$

effect Cost of Goods Sold and Gross Profit.

Review terminology of a bank reconciliation; Review internal controls.

Review how to calculate interest $($full year and year$-$end adjustment$)$ on a note.

Review bad debts as well as understand the write$-$off process for receivables.

Review the recording process for the acquisition, depreciation $($straight$-$line$)$ and disposal

of plant assets.

Review short$-$term and long$-$term liabilities including payroll taxes, sales tax payable, and

issuing bonds with as either a premium or discount

Review the stockholders' equity section including stock issuance, stock repurchases,

splits and dividends.

Review financial ratios $($Working Capital, Current Ratio, Quick Ratio, Inventory

turnover, Debt to Equity, etc.$)$