About this event
Accounting I tests your understanding of the basic accounting cycle for sole proprietorships and partnerships. Expect questions on debits/credits, posting to the general ledger, preparing trial balances, adjusting and closing entries, and reading the four primary financial statements. This is the entry-level accounting event — Accounting II covers corporations, manufacturing, and managerial accounting.
What's on the test
Accounting equationDebits & creditsJournals & ledgersTrial balanceAdjusting entriesClosing entriesIncome statementBalance sheetStatement of cash flowsPayroll basicsInventory methods (FIFO/LIFO)Depreciation
Study resources
Curated by FBLA One. Free unless noted. External links open in a new tab.