Final Exam Review - REVIEW FOR THE FINAL EXAM ACCOUNTING...

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REVIEW FOR THE FINAL EXAM ACCOUNTING 200 (note: most of the suggested problems are the “Brief Exercises” denoted as BE in your text. This is not a typo….the problems are just smaller and more characteristic of something you would be more likely to experience on the Final Exam since it is a multiple choice exam) One-third of the final exam (17 questions) comes from Chapters 11 and 12. The remaining two-thirds (33 questions) of the exam are spread over Chapters 1-10. Therefore…. .most of your studying should be over Chapters 11 and 12 because there are more questions per chapter on this material than the previously tested material. Chapter 1: Know the Financial Statements: Income Statement, Retained Earnings Statement, and Balance Sheet Be aware of what types of accounts are presented on each statement (i.e. Revenues are on the Income Statement, etc.) Self-study questions: 1 – 9 BE 1-4 BE 1-6 BE 1-7 Chapter 2 Be able to identify the sections of a classified balance sheet. If I give you a list of accounts, you should be able to tell me which section of a “Classified” Balance Sheet they would be listed. Know the definitions/concepts of the different groupings. In other words, you shouldn’t have to memorize that “accounts receivable” is a current asset…just the fact that current assets convert to cash within 12 months. Then, you should be able to figure out that if someone owes you money on a 30 day account receivable….it would be current because you would be receiving payment within the year. Self-study questions: 1,2, and 5 BE 2-1 Chapter 3 Be able to analyze the effect of business transactions on the basic accounting equation. Know how debits and credits affect the accounts: assets and expenses increase with a “debit”; liabilities, equity and revenue increase with a “credit.” Self-study questions – All BE 3-1, 3-2, 3-4 P3-4A
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Chapter 4 Explain the Revenue Recognition Principle and the Matching Principle. Know the difference between “Accrual-basis Accounting” and “Cash-basis Accounting” Know how to prepare adjusting entries Self-study questions: 3,4,5,6,8,9,10 E4-9 Chapter 5 Recording Journal Entries for Perpetual Inventory System (pgs 221-228) Income Statement THROUGH Gross Profit (Perpetual)---page 229 o Net Sales (page 230-Illustration 5-7) o Cost of Goods Sold and Gross Profit (page 230) Recording Journal Entries for Periodic Inventory System (Appendix) Income Statement THROUGH Gross Profit (Periodic System)—page 233 o Net Sales Same for both systems page 232-Illustration 5-!) o Cost of Goods Sold – page 235 o Gross Profit = Net Sales less COGS Make sure you know how “Freight Out” is treated and what it is. Self-study questions: 1,2,3,4,5,6,7,8, and 12
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This note was uploaded on 12/12/2008 for the course ACCT 200 taught by Professor Stacywade during the Fall '07 term at Western Kentucky University.

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Final Exam Review - REVIEW FOR THE FINAL EXAM ACCOUNTING...

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