Accounting 201

What are the two objectives of Financial Reporting

What are the Seven Steps of the Accounting Cycle

Who is considered the Father of Modern Accounting?

• Micheal McLanahan

• Luca Pacioli

• Thomas Goodman

Normal balances of the Accounts (Debit)

What is the distinction between the accrual basis and the cash basis of accounting? Which basis is permissible under U.S. GAAP?

What is the difference between the General Journal and the General Ledger?

What is the difference between permanent and temporary accounts? Which accounts are involved in the closing process and where are they closed too?

Equity

Assets

Liabilities