
CHAPTERS 1-2 • Accounting assumptions • FASB • GAAP • CPA
THE BASICS • The accounting equation • Account classification • Increases decreases • Assets • Liabilities • Owner’s Equity
THE BASICS • Fiscal period • The accounting cycle
ACCOUNTS • Temporary accounts • Permanent accounts • Revenue • Expense • Withdrawals • Chart of accounts, numbering
DEBITS VS. CREDITS • Definitions • Normal balances • Increases/Decreases
POSTING • Definition • Five steps • Calculating balances
Transactions • Four steps • Journalizing • Posting • Trial Balance