What theimportance of FASB and what it does for the accounting profession? What are the major classifications of accounting activity?, and what is the difference between financial accounting, internal auditing, public auditing, and managerial accounting? What is the time frame that is reported on a balance sheet, income statement, cash flow statement, statement of changes in retained earnings (or owners’ equity)?and purpose of each statement.? what is a fiscal year is and how it is determined.?What is the balance sheet equation ?how to determine values associated with the statement of changes in retained earnings (or owners’ equity) and the result of journal entries and adjustments.? how to calculate ROI, ROE, a current ratio, a quick ratio, and how to determine working capital.? What is the best way to make evaluate an organization quantitative sense.? why an asset may be current or non-current;? likewisewhy a liability may be current or non-current.?What is the accounting concepts and principals of matching revenue and expense, materiality, consistency, conservatism, and accrual accounting.?
how to post journal entries and the effect of journal entries posted, e.g. the effect of a debit or credit entry on a particular account.?What the normal balance (debit or credit) for accounts.?where specific accounts belong on the financial statements.?How to calculate depreciation using the straight-line and double declining balance methods,? how to calculate a gain or loss on the sale of a fixed asset?. Remember what net book value and net realizable value means. Remember what a contra account is and why it is used. Understand what happens to the financial statements when an account receivable is actually written off.?What is the effect on the financial statements using the weighted average, FIFO, or LIFO cost flow methods.?–
what are the definitions of the following terms Acid Test Ratio Prepaid Expenses Current Assets Debit Current Ratio Periodic inventory system Straight Line Depreciation Current Liabilities Retained Earnings Historical Cost Accrual Working Capital Perpetual inventory system Valuation Account Ledger Managerial accounting Credit Accelerated Depreciation Contra Account liquidity Financial accounting?