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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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