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The Topical Coverage of the exam will be: 1 ) Environment and structure of Accounting a . Primary Focus of Accouting b . Four basis
The Topical Coverage of the exam will be:
Environment and structure of Accounting
a Primary Focus of Accouting
b Four basis financial statements in order that they are prepared
c Know the users of the financial statements
d Know primary objective of financial accounting
e Know two basis of accounting and which one is approved by GAAP
f What does GAAP stand for
g Know the hierarchy of GAAP
h What is current GAAP in
i What is conceptual framework
i The ten elements
ii Know all the Qualitative characteristics
iii. Constraints
iv Know all the Recognition and measurements concepts
j What is the cost concept for financial statements
i Know the five attributes that make it up
Review of financial accounting
a What is the balance sheet equation
b What is the expanded balance sheet equation
c Know the basic seven entries
d Know double entry accounting
e What is a general ledger
f What is an account
g Know the system of debits and credits
h Whats a journal
i Know the four classes of assets, two classes of liabilities and the basic capital accounting and definition of revenue and expenses
j Know the three types of business activities as reported on the statement of cash flow
k Know the ten elements of the financial statements there is a posting in Moodle of these
Chapter know:
a Capital markets
b Debt financing
c Equity financing
d Finance
e Financial management
f Gift financing
g Government financing
Chapter Know:
a Accrual Basis of Accounting
b Accounts receivable turnover
c Number of days sales in AR
d Acidtest ratio
e Current ratio
f Debt ratio
g GAAP
h Inventory turnover ratio
i Number of days inventory on hand
j Leverage
k Liquidity
l Market value
m Net profit margin
n Net Profit Margin
o Gross profit margin
p Gross profit margin $
q Quick ratio
r Return on equity ratio
s Rate of return chpt
t Total asset turnover ratio
Chapter Know:
a Rate of return
Chapter know: Nothing from Chapter
Chapter know:
a Accounting profit
b Corporate veil
c General partnership
d Jock tax
e Opportunity cost
f Subchapter c corp regular corp
g Subchapter S corp
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