lec_final_review - Final Review & Course Wrap-Up 15.501/516...

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1 Final Review & Course Wrap-Up 15.501/516 Accounting Spring 2004 Professor S. Roychowdhury Sloan School of Management Massachusetts Institute of Technology May 12, 2004 2 z i l z z i z No ial is l ing i i z l z i in Final Exam Administration Cheat sheet: “Two sides of a s ng e sheet of size A4 paper”. Size A4 is what your handouts are printed on. You may put down anything you w sh, including latest Red Sox scores. other reference mater allowed, inc ud cheat sheets of ne ghbor ng students. Calcu ators are allowed, laptops are not. Students writ ng Final Exam must have name tags front of them. 3 z structure Final 1 z l i i z z z z z Exam Structure Exam will be somewhat similar to Practice Approximate y 30% of Total F nal Exam points on Managerial Account ng Rest on Financial Accounting What to expect Anything discussed in class, unless explicitly excluded. Exam is primarily computational. But expect questions on concepts and issues. Page 1
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Exam Structure z What not to expect z Any question on a case not discussed in class. z Detailed numerical questions on Destin Brass or Seligram. z Questions directly asking to set up T-accounts. (Knowing T-accounts will make it easy to answer many of the questions asked.) z Multiple choice questions as in Practice Final 2 – but they are still useful in clearing up concepts 4 Practice Exams z Best practice exams for Financial Accounting Section z Midterm 1 z Midterm 2 z Best practice exams for Managerial Section z Practice Final 1 z Destin Brass & Highlighted Issues in Seligram z Additional practice z Practice Final 2 5 Issues Common to Financial and Managerial Accounting z Both involve allocations z Financial: allocations of revenues and expenses across periods z Managerial: primarily allocations of costs across cost objects (e.g., products, departments) z Allocations are always both: z Systematic and rational z Arbitrary and subjective z There is no substitute for human judgment. 6 Page 2
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Financial Accounting Overview Financial Accounting = translates events into financial statements Rules & Management choice Financial Statements Events Generally Accepted Accounting Principals (GAAP) Management selects from alternative rules and from allowable estimates under GAAP 7 Approach in Financial Accounting z First, we identified the key Balance Sheet Equation z Next, we understood the accrual process to determine income on Income Statement.
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This note was uploaded on 03/05/2010 for the course ACCT 322 taught by Professor Dilss during the Spring '10 term at École Normale Supérieure.

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lec_final_review - Final Review & Course Wrap-Up 15.501/516...

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