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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:
1) 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
2) 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 1, know:
a) Capital markets
b) Debt financing
c) Equity financing
d) Finance
e) Financial management
f) Gift financing
g) Government financing
Chapter 2, Know:
a) Accrual Basis of Accounting
b) Accounts receivable turnover
c) Number of days sales in AR
d) Acid-test 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 3)
t) Total asset turnover ratio
Chapter 3. Know:
a) Rate of return
Chapter 4, know: Nothing from Chapter 4
Chapter 5, 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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