chetan86

Yes, in general, we should know the concepts of debits and credits. In the text, however, the author said that the T diagrams with postings for credits and debits was beyond the scope of this exam.

In general, yes you have to know accounting principles. For example, the text does go into a discussion about making a post to an account and the offsetting post to a contraccount. They spoke of it, though, generally and theoretically. So the chapters I have read thus far are higher level and not as mechanical, as say, the first several chapters in your Accounting 101 textbook, where you are making T diagrams and learning from the ground up.