Final Exam Review.docx - Fall 2018 – Financial Accounting –...

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Fall 2018 – Financial Accounting – Final ReviewFinal Exam is 50 multiple Choice questions: 26 from Chapters 9 -13 and 24 from chapters 1 -8 .Previously Tested ChaptersChapter 1 – Learning objectives 1 through 5Types of Business Entities: advantages and disadvantages of each type.Accounting Equation and the effects of business transactions on the accounting equation.What is the purpose (what information is communicated) on a balance sheet, income statement,statement of retained earnings and statement of cash flow?Chapter 2 – Learning Objective 1 -4Be able to apply Debit and Credit rules to business transactions.Be able to prepare entries to record business transactionsInterpret how a journal entry impacts the accountsWhat accounts are on the balance sheet?What accounts are on the income statement? How do you calculate net income?Chapter 3 – Learning Objectives 1 – 4Purpose of adjusting entries?Be able to identify and make adjusting journal entries for accrued and prepaid expenses:AccruedWages, Accrued utilities, Accrued interest etc.. ,Prepaid Insurance, SuppliesWhen did you need to make entry to accrued revenue?What creates the balance the “unearned revenue” account? Why did you need to adjust it at the end ofthe period?What is an unadjusted Trial Balance? What is an Adjusted Trial Balance?See summary of Adjustments chart on page 121Chapter 4 – Learning Objectives 1 – 4Spreadsheet columns: Unadjusted T/B, Adjusting Entries, Adjusted Trial Balance, Income StatementAccounts, Balance Sheet AccountWhat are Current Assets? Long-term Assets?Current liabilities?Long-term Liabilities?
Fall 2018 – Financial Accounting – Final Review

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Term
Fall
Professor
N/A
Tags
Accounting, Financial Accounting, Balance Sheet, Generally Accepted Accounting Principles

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