what happens to the amount that a business withholds as taxes from an employee's earnings -(it's a current liability to the employer)

-for depreciation, know how to calculate for two consecutive years

- the different depreciation methods discussed

- LCM rule

- what is a deficit is and how it appears in a corporations financial statements

- how to correct errors in a bank reconciliation

-what would result in an over or understatement of ending inventory

- the steps of the accounting cycle

-what does the process of posting do?

-what is the entity principle?

-how is CGS determined in a periodic system?

-why are financial statements prepared?

-how is profitability defined?

-using the same method year after year is in line with which GAAP principle?

-what is liquidity?

-What kind of accounts are prepaid expenses and unearned revenues?

-what are characteristics of financial accounting?

-what is a current liability vs. long term liability?

-what purpose does a bank reconciliation serve?

-know the four categories of adjustments

-what is accumulated depreciation?

-what are the basic financial statements?

-what exactly is a trial balance?

-given info for stock how to calculate the balance in the common stock account

-what is the purpose of an audit?

-what is retained earnings?

-what is an NSF check and how is it reflected on a bank rec?

-what are the differences the difference between authorized, issued, and outstanding shares of stock

- Closing entries do what?

- What is an NSF check and how does it affect a bank rec?

-What are advantages and disadvantages of the corporate form of organization?

- What do a DR and CR balance mean in the income summary account?

- How is an after closing trial balance different from an adjusted trial balance?

- What is the Lower of cost or market rule and what does it apply to?

- What are the two principles of GAAP applied for adjusting entries?

- What is petty cash? what does a petty cash fund do?

- how to calculate the gross profit rate

- What is the difference between current and long term liabilities?