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Unformatted text preview: ACCOUNTING 101 FINAL EXAM REVIEW SHEET The exam is 50 multiple choice questions. Each question is worth 4 points. Chapter 6 1. What is the difference in the income statement for a merchandising company from a service company? 2. Using the perpetual inventory system, what is the journal entry for the purchase of merchandise? 3. How do you calculate net sales? 4. In a perpetual inventory system, what is the journal entry(ies) for the sale of merchandise? 5. What is the cause of inventory shrinkage? 6. Why do companies offer cash discounts? Chapter 7 7. What is the mark-to-market adjustment for investments classified as available for sale and how does it affect a financial statement? 8. Which assets are the financial assets? 9. How does a company achieve internal control over cash? 10. What is the purpose of a bank reconciliation? 11. What does the Allowance for Doubtful Accounts represent?...
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This note was uploaded on 12/08/2009 for the course ACCT 101 taught by Professor Jim during the Spring '09 term at CSU Channel Islands.
- Spring '09
- Income Statement