Exam 2 Study Guide STUDY2s07

Exam 2 Study Guide STUDY2s07 - Accounting 200 Review - Exam...

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Accounting 200 Review - Exam 2 40 multiple choice questions Carryover material Accounting Equation (increase/decrease questions) Debits/Credit Rules and normal balances Financial statements: Income Statement, Statement of Retained Earnings and Balance Sheet and know how each is composed and how they are affected by journal entries Application of Revenue Recognition, Matching Principle, Cost Principle Chapter 5 Perpetual Inventory Systems Recording all transactions involving merchandise under perpetual inventory system Income statement of merchandising company (multi-step) Cost of Goods Sold Calculation for periodic method Gross profit Chapter 6 Cost Flow Assumptions (FIFO, LIFO, Average methods) Use each method to calculate Ending Inventory and/or Cost of Goods Sold Effect of different cost flow methods on both the Balance Sheet and Income Statement Shipping terms/ownership (F.O.B; consignment) Lower of cost or market Inventory Turnover Ratio and Average Days in Inventory
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Exam 2 Study Guide STUDY2s07 - Accounting 200 Review - Exam...

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