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Study guide for Acct 2901 final exam

Study guide for Acct 2901 final exam - information Chapter...

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Study guide for Acct 2901 final exam The exam will cover chapters 4, 5, 11, 12, & 13. There will be 25 multiple choice questions (some are problem type) and 1 problem. There will be journal entries for transactions and adjustments. You should review and study the ICE’s and practice assignments from these chapters. Chapter 4 focuses on the end of period adjustment process. You should be able to record the various adjusting entries. Chapter 5 deals with inventory (recording inventory purchases) and calculating cost of goods sold and ending inventory using the 3 main methods (FIFO, LIFO, weighted average). Know how to calculate these and their relative effects on the income statement and balance sheet. Chapter 11 deals with shareholders equity. You should understand all of the relevant terms and be able to record transactions involving shareholders’ equity as well as calculate missing
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Unformatted text preview: information. Chapter 13 deals with the cash flow statement. Know the general format of the statement. Be able to compute cash flows for operating (indirect method only), financing and investing activities. Chapter 12 ratios: You can bring to the exam a formula sheet showing the following ratios: Current ratio Return on sales ratio Gross profit ratio ROE Debt to equity ratio As I said in class, there will be questions derived from Macy’s Inc. January 30, 2010 annual financial statements, specifically, the balance sheet, income statement, and cash flow statement. You need not bring these to the exam. I will give you what you will need. However, you should look over those statements beforehand....
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