Exam Review 1 Spring 2016 - APPLICATIONS and IMPLICATIONS...

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Exam #1 Review Sheet Exam #1 is made up of 20 multiple choice from chapters 1-3 and two problems over chapters 2 through 3. The exam is a close-book and close notes exam. The best way to study for the exam is to focus on the material covered in class and in the class notes. Homework assignments are a good indicator of what you should be able to do on exam. The following are some outlines that you can study for this exam. Of course, you need go deep and really understand the contents of those outlines. Chapter 1 Identify the objectives of financial reporting. Understand the qualitative characteristics and their APPLICATIONS and IMPLICATIONS. Understand the 4 underlying assumptions, 4 principles, and the constraint and their
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Unformatted text preview: APPLICATIONS and IMPLICATIONS. Understand the 10 elements of financial statements. Chapter 2 Understand the double-entry system. Understand the accounting cycle and its steps. Journalize transactions. Identify the accruals and prepayment adjustments, including accrued salaries, deprecation, office supplies, accrued interest (expense or revenue), prepaid Insurance (or rent). Prepare closing entries. Chapter 3 Identify the objectives and limitations of balance sheet. Understand the sections on the financial disclosures Understand the auditor’s report and opinions. Financial Ratios. Prepare a classified balance sheet...
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