ACCOUNTING I
MIDTERM EXAM 2014
Objective Test Topics (Quia)
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Accounting Equation and solving for the unknown in the accounting equation
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Analyzing Transactions and how they affect the accounting equation
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Account classification
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Cash is the most commonly withdrawn asset
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T-accounts including debits, credits, +, -, and normal balance
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Double-entry accounting
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Date or chronological order
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Source Documents including checks, memos, receipts
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Account numbering system and file maintenance for the general ledger
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posting
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signature card, deposit slips, EFT
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Endorsements—blank, special, restrictive
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Work sheets including trial balance, adjustment, extensions, calculating net income and
net loss
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Financial statements including income statement, balance sheet, component percentage

Adjusting and closing entries, temporary accounts, post-closing trial balance
EXAM COMPONENTS

Journalizing and posting transactions in Aplia

Worksheet in Aplia

25 Multiple Choice Questions (bring your Quia password)
Vocabulary Terms by Chapter
Chapter 1
Chapter 4
Accounting
Accounting system
Accounting records
Financial statements
Service business
Proprietorship
Asset
Equities
Liability
Owner’s equity
Accounting equation
Ethics
Business ethics
Transaction
Account
Account title
Account balance
Capital
Revenue
Sale on account
Expense
Withdrawals
Ledger
General ledger
Account number
File maintenance
Opening an account
Posting
Proving cash
Correcting entry
Chapter 2
T-account
Debit
Credit
Normal balance
Chart of accounts
Chapter 3
Journal
Journalizing
Entry
General journal
Double-entry accounting
Source document
Check
Invoice
Sales invoice
Receipt
Memorandum
Chapter 5
Code of conduct
Checking account
Endorsement
Blank endorsement
Special endorsement
Restrictive endorsement
Postdated check
Bank statement
Dishonored check
Electronic funds transfer
Debit card
Petty cash
Petty cash slip
Chapter 6
Fiscal period
Work sheet
Trial balance
Adjustments
Balance sheet
Income statement
Net income
Net loss
Chapter 7
Stakeholders
Component percentage
Chapter 8
Adjusting entries
Permanent accounts
Temporary accounts
Closing entries
Post-closing trial balance
Accounting cycle