Open book accounting midterm Forum

[Mr.Throwback]

In my Corporations class we have a p/f accounting midterm. 15 question m/c , open book. Need half right to pass. If you fail, you go down a third of a grade. Nothing happens if you pass. We spent about 3 weeks covering introductory materials such as the time value of money, balance sheets, income statements, and financial ratios.

For those who are more well versed in accounting than I am (pretty easy), what advice/tips do you have? And as always, I more than appreciate your help.

[el madrileno]

In my Corporations class we have a p/f accounting midterm. 15 question m/c , open book. Need half right to pass. If you fail, you go down a third of a grade. Nothing happens if you pass. We spent about 3 weeks covering introductory materials such as the time value of money, balance sheets, income statements, and financial ratios.

For those who are more well versed in accounting than I am (pretty easy), what advice/tips do you have? And as always, I more than appreciate your help.

investopedia.com and similar sites can be helpful.

[JJ123]

The basic accounting equation, and which accounts are debit balance vs. credit balance is a MAJOR factor:

http://www.hbone.com/basicacc.htm

Also, understand what is on the basic financial statements (balance sheet, income statement, cashflows, comprehensive income) and how to use them. Honest to God, that's probably all you need to know for a basic accounting course.

If it doesn't make sense, get an accounting 101 book from the library. They usually explain things better than an "accounting for lawyers" class book.