Name:__________________________________
ACCOUNTING i: FINAL EXAM REVIEW SHEET (100 pts)
Note: For the exam you will need to bring a calculator & a # 2 pencil.
Part I: MULTIPLE CHOICE Primary Areas to Study: Chapters 5-8
• Format of Financial Statement Heading-ch 5
• Alternative Titles of Income Statements (Earnings Statement; Statement of Operations; Profit and Loss Statement) and Balance Sheets (Statement of Financial Position)
• Format of an Income Statement-ch 5
• Format of a Retained Earnings Statement-ch 5
• Financial Statement Preparation Order-ch 5
• Concept of Adequate Disclosure-ch 5
• Closing Entries- purpose of closing entries, what accounts get closed, when are the entries prepared, what accounts remain-ch 5
• Publicly owned company v. private company-ch 5
• Calculating Cost of Goods Sold-ch 6
• Perpetual vs. Periodic Inventory Systems-ch 6
• Calculating Gross Profit-ch 6
• Journal entry to purchase inventory and record a sale of inventory under a perpetual inventory system-ch 6
• Purpose of subsidiary ledgers-ch 6
• Purpose of Sales, Returns and Allowances and Sales Discounts accounts-ch 6
• Credit Terms: 2/10; n/30-ch 6
• Credit Discounts-why are they offered to customers-ch 6
• Causes of inventory Shrinkage-ch 6 and ch 8
• Goods in Transit-F.O.B. Shipping and Destination-ch 6 and ch 8
• Cash Equivalents-ch 7
• Purpose of and items on a bank reconciliation-ch 7
• Calculating and recording a Notes Receivable-ch 7
• Calculating and recording the Adjusting Entry for Interest Revenue/Interest Receivable-ch 7
• Allowance for Doubtful Accounts-what type of account is it, what statement is it on, estimating-ch 7
• Uncollectible accounts expense-why is it used-ch 7
• Accounts receivable Turnover ratio and conversion to days-ch 7
• Four Inventory Cost Flow Assumptions used for measuring and recording COGS-Specific Identification, LIFO, FIFO, & Average Cost Methods- Theory and calculations-ch 8
• Consistency Principle-ch 8
Part II: Accounting PROBLEM: One of the following concepts:
• Bank Reconciliation
• Mark to Market Accounting
GOOD LUCK!!!!
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