Introduction to Accounting - Study Guide for Test 2
Terms to Know
➔ Accounting periods
➔ Temporary accounts
➔ Permanent accounts
➔ Double-entry accounting systems
➔ Invoice
➔ Receipt
➔ Cash memorandum
➔ Check stub
➔ Journal (General Journal)
➔ Fiscal year
➔ Calendar year
Short/Long Answer Questions to be Aware Of
➔ Using Temporary accounts vs Permanent accounts
➔ Know why accountants break up their work into periods
➔ Be able to identify all accounts and where they belong in a journal
➔ Rules for Revenue Accounts
➔ Rules for Expense Accounts
➔ Rules for Withdrawal Accounts
➔ Know how to test for the Equality of Debits and Credits
➔ Identify and explain the first 3 steps of the Accounting Cycle
➔ Be prepared to use T accounts to create journal entries
➔ Know the difference between a fiscal year and a calendar year