ACC/290T Accounting Study Guide & Review
Organized review of core concepts from the provided ACC/290T notes
Independent student-created study resource
Not an official University of Phoenix publication, exam, answer key, or instructor-provided
material.
ACC/290T • Student Study Resource
, How to use this guide: Review each topic, then use the separate Key Terms & Flashcards resource
for recall practice.
What Accounting Is
Accounting — Provides quantitative financial information for decision-making
Accounting (communication role) — Records and communicates business activities and results
Bookkeeping — Systematic quantitative recordkeeping
Core Equation
Accounting Equation — Assets = Liabilities + Owners’ Equity
Expanded Accounting Equation — Assets = Liabilities + Paid-in Capital + (Revenues − Expenses
− Dividends)
Accounting Cycle
Analyze → Record → Summarize → Report transactions
2. Financial Statements & Their Logic
Balance Sheet
Reports assets, liabilities, owners’ equity at a point in time
Classified Balance Sheet — Separates current vs. long-term assets
Income Statement
Reports net income for a period
Operating Income — Sales − COGS − operating expenses
Net Income — Operating income − interest − taxes
Statement of Cash Flows
Reports cash collected and paid during a period
Operating Activities — Day-to-day business operations
Investing Activities — Buying/selling long-term assets
Financing Activities — Cash from/paid to owners & creditors
Articulation
Financial statements interrelate and flow into each other
ACC/290T • Student Study Resource
Organized review of core concepts from the provided ACC/290T notes
Independent student-created study resource
Not an official University of Phoenix publication, exam, answer key, or instructor-provided
material.
ACC/290T • Student Study Resource
, How to use this guide: Review each topic, then use the separate Key Terms & Flashcards resource
for recall practice.
What Accounting Is
Accounting — Provides quantitative financial information for decision-making
Accounting (communication role) — Records and communicates business activities and results
Bookkeeping — Systematic quantitative recordkeeping
Core Equation
Accounting Equation — Assets = Liabilities + Owners’ Equity
Expanded Accounting Equation — Assets = Liabilities + Paid-in Capital + (Revenues − Expenses
− Dividends)
Accounting Cycle
Analyze → Record → Summarize → Report transactions
2. Financial Statements & Their Logic
Balance Sheet
Reports assets, liabilities, owners’ equity at a point in time
Classified Balance Sheet — Separates current vs. long-term assets
Income Statement
Reports net income for a period
Operating Income — Sales − COGS − operating expenses
Net Income — Operating income − interest − taxes
Statement of Cash Flows
Reports cash collected and paid during a period
Operating Activities — Day-to-day business operations
Investing Activities — Buying/selling long-term assets
Financing Activities — Cash from/paid to owners & creditors
Articulation
Financial statements interrelate and flow into each other
ACC/290T • Student Study Resource
