ACCOUNTING 102 FINAL EXAM REVIEW



ACCOUNTING 102 FINAL EXAM REVIEW

June 2016

1. When do cash dividends become binding and legal?

2. What is treasury stock and what type of account is it?

3. Cost of goods manufactured is calculated how?

4. The formula when selling a bond is:

5. How do you calculate free cash flows?

6. What are some examples of indirect labor?

7. What is the journal entry for an investment in a partnership using market value?

8. What are period costs?

9. What is reported on the balance sheet of a partnership?

10. Define GAAP –

11. What happens in detail when a liquidation of a partnership takes place?

12. What are the differences between a partnership, corporation, and proprietorship?

13. What is included in manufacturing costs?

14. How are the board of directors elected?

15. How do you calculate the book value per share of common stock?

16. For common stock, what happens with the entry if it is issued for more than par value?

17. What is the entry for issuance of par value common stock?

18.What is the declaration date?

19. What are authorized shares when talking about common shares?

20. How are dividends most likely paid? What happens on the record date?

21. What is the entry to record investments when acquiring bonds?

22. What is the entry to record a gain or loss of a sale of bonds?

23. What is a bond indenture?

24. What are callable bonds?

25. What section is each item under in the statement of cash flows?

-paid income tax -purchase land and building with a mortgage

-issued common stock for cash -purchase land for cash

26. What is included, in order, on the statement of cash flows?

27. What is financing activities?

28. When equipment is sold for cash, it’s reflected as inflow in what section of statement of cash flows?

29. What happens to revenues in accrual bases and cash basis accounting if account receivables have increased?

30. What happens to expenses in accrual basis and cash basis accounting if accounts payable increases?

31. What are both direct and indirect materials?

32. What are the journal entries for the purchase of stock, receipt of dividends, and sale of stock?

33. What happens to a company when it reports a net loss?

34. How do you calculate operating activities here net cash is concerned?

35. What is a subsidiary ledger? Which subsidiary account makes daily postings?

36. What are convertible bonds?

37. When reporting net income, what is the indirect method?

38. What is the comparative balance sheet?

39. Land acquired from issuance of common stock is reported as what activity?

40 What are the dividends payable classified as?

41. What types of transactions are recorded in the cash receipts journal and cash payments journal?

42. In the cash receipts journal, what does the “X” mean below “other accounts”?

43. Why are postings made daily to the subsidiary ledgers?

44. What is the formula for cost of good sold in a manufacturing company? What is the formula for cost of goods manufactured?

45. What is recorded in a sales journal?

46. How often are entries posted from the purchases journal to the general ledger?

47. How is earnings per share calculated?

48. What is direct labor? What is indirect labor?

49. What is included in manufacturing overhead?

50. What is manufacturing overhead defined?

51. What is the statement of cash flows? What is its purpose?

52. What glue is used in the production process of manufacturing?

53. What is included in product costs?

54. If an entry cannot be posted in the special journal, what journal is it posted in?

55. What are retained earnings?

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