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Midterm exam 1 review sheet

Midterm exam 1 review sheet - statement and statement of...

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BUAD 2040: Financial Accounting Information Midterm Exam I Information Fall Semester 2009 Exam Date: Thursday, October 1 Bring: Aurora HC101X or B calculator Photo ID No. 2 pencils and eraser Reminders: The exam is closed book and closed notes. The only electronic device that is allowed to be used during the exam is your Aurora calculator or a calculator from the Department of Accounting. All other electronic devices cannot be removed from your backpack, purse, etc. until you have turned in your exam and left the classroom. Exam Format: Midterm exam I consists of a total of 40 multiple choice and true/false questions that are worth 2.5 points each. Exam Topics: Below is a list of topics from chapters 1, 2, 3, and the conceptual framework supplement which will be covered on the first exam. Financial statement models Four main parts of an annual report (10-K): identify, define Financial statement definitions Definition of financial accounting Basic accounting equation Recording transactions: effect on balance sheet, income
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Unformatted text preview: statement, and statement of cash flows Identify operating, investing, and financing activities Recording revenues and expenses: cash-basis vs. accrual basis Identify balance sheet accounts Financial statement audits: types of opinions and role of auditor Definitions: balance sheet accounts Accounting cycle: definition and steps Calculate balance sheet amounts Financial statement impact of failing to record adjusting entries Identify income statement accounts Effect of accruals and deferrals on the financial statements Definitions: income statement accounts Temporary accounts: define, identify Identify and record four types of transactions Permanent accounts: define, identify Relationships between the financial statements Effect of the closing process Conceptual framework identify and define: objectives of financial reporting, qualitative and secondary characteristics, financial statement elements, assumptions, broad principles, constraints Interpretation of ratios...
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