Question: 5) Calculate current ratio and working capital. (Chapter 2) 6) Define current assets. What accounts are current assets? (Chapter 2) 7) What are the 3

5) Calculate current ratio and working capital. (Chapter 2) 6) Define current assets. What accounts are current assets? (Chapter 2) 7) What are the 3 things that affect retained earnings? (Hint: What is the retained earnings formula?) 8) Compare and contrast Cash vs. Accrual Basis Accounting, specifically, when are revenue and expenses recorded under each? 9) What is the Balance Sheet formula? Is the balance sheet prepared for a period of time or at a point in time? 10) List the 3 parts of the T-account & be able to calculate the balance in an account (Chapter 2). Define debit and credit? 11) What are the 9 steps of the accounting cycle? Chapter 3

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