About This Chapter
Studying for Accounting 101 - Summary
A great way to ensure you have a comprehensive understanding of Accounting 101 concepts is to memorize them through repetition. This chapter offers online flashcard sets you can use to effectively study long-term assets, receivables, the operating cycle and more! The sets are interactive, allowing you to click on subjects you want to study, confirm your understanding of specific topics and set aside cards you need to review at a later time. All flashcards can be viewed using your computer, smartphone or tablet. Upon completion, you should understand topics that include:
- Accounting basics and accounting for merchandising
- Long-term and current liabilities
- Financial statements and analysis in accounting
- Internal controls and long-term assets
- Receivables and the operating cycle in accounting
- Accounting cycle mechanics
- How to analyze and report equity
- Cash flow statements in accounting
How They Work
Using flashcards as a study tool enables you to review accounting topics at a comfortable pace and ensures you're able to absorb information effectively while improving your memorization skills.
- Open a flashcard set for the topic you're studying.
- Identify the image, word, name or event on the flashcard.
- Click the button to flip the card and view the answer.
- Select whether you got it right or missed it to keep track of your progress.
- Click the Next arrow to proceed through the flashcard set.
- Review the cards you missed or shuffle all cards back in and go through them again.
Accounting Overview Flashcards
Balance sheets, assets, expenses and income. What does it all mean and how does it relate to business? This flashcard set will prepare you for your Accounting Overview exam.
Financial Statements in Accounting Flashcards
Work with these flashcards when you're ready to review the different financial statements used in accounting. You'll be able to focus on the formulas used in many of these statements.
Mechanics of the Accounting Cycle Flashcards
Work with these flashcards in order to focus on the mechanics associated with the accounting cycle. Go over different accounts and important accounting ratios.
Adjusting Accounts & Preparing Financial Statements Flashcards
Deeper into the accounting process we go! These flashcards will help you dust off your knowledge base of how to adjust accounts and prepare financial statements.
Internal Controls in Accounting Flashcards
You can use these flashcards to review some of the internal controls used in accounting. You'll also find cards that go over the steps that are involved in an audit.
Accounting for Merchandising Flashcards
Profits, market values, and net inventory valuation are the main ideas covered in this flashcard set. If you are ready to test your knowledge on these concepts, jump right in.
Receivables in Accounting Flashcards
You can work with this set of flashcards to go over receivables in accounting. You'll be able to focus on some common accounts used by businesses and revenue.
Operating Cycle in Accounting Flashcards
Accounting's operating cycle is covered by the flashcards in this set. You can focus on reviewing different aspects of an income statement and the expenses faced by businesses.
Long-Term Assets in Accounting Flashcards
You'll be able to focus on long-term assets by going over the flashcards in this set. Different ways to calculate the depreciation of these assets will be covered by this set.
Current & Long-Term Liabilities in Accounting Flashcards
You can work with these flashcards to go over both current and long-term liabilities and how they are viewed in accounting. Focus on bonds and other liabilities with these cards.
Reporting & Analyzing Equity in Accounting Flashcards
Focus on reviewing the methods used in accounting to report and analyze equity with this set of flashcards. You'll be able to look at different forms of financing and stock.
Statement of Cash Flows in Accounting Flashcards
You'll be able to go over the statement of cash flows with the flashcards in this set. You can also review the steps used to prepare this statement in accounting.
Financial Statement Analysis in Accounting Flashcards
You'll be able to go over financial statement analysis with the flashcards in this set. You can also focus on many of the important ratios used in accounting.
14. Accounting 101: Financial Accounting Formulas
This page contains helpful formulas for Accounting 101. You can print it out and use it on the proctored exam to help you practice calculating important pieces of accounting information.
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Other chapters within the Accounting 101: Financial Accounting course
- Introduction to Accounting
- Financial Statements in Accounting
- Mechanics of the Accounting Cycle
- Adjusting Accounts and Preparing Financial Statements
- Internal Controls in Accounting
- Merchandising Operations and Inventory in Accounting
- Receivables in Accounting
- Completing the Operating Cycle in Accounting
- Long-Term Assets in Accounting
- Current and Long-Term Liabilities in Accounting
- Reporting & Analyzing Equity in Accounting
- Statement of Cash Flows in Accounting
- Financial Statement Analysis in Accounting