Final exam review - Comprehensive Final Exam Review...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Comprehensive Final Exam Review Chapters 1-12 Adjusting and closing journal entries (Chapter 3) What is comprehensive income, and the differences between single step and multiple step income statements? (Chapter 4) Estimation of Bad Debts (Chapter 7) Use Cost Flow Assumption to calculate COGS and EI (Chapter 8) Gross profit method (Chapter 9) Net sales at retail * (1 – the gross profit ratio) = estimated COGS Goods available for sale at cost – estimated COGS = estimated EI Nonmonetary Asset Transaction (Chapter 10) Depreciation (Chapter 11) Decreasing charge methods and partial period depreciation: a. Sum-of-the-years’-digits. b. Declining-balance method. Impairments o Chapter 11 and Chapter 12 o Individual project – US GAAP and IFRS
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Chapter 13 Current liabilities Current liabilities are those obligations whose liquidation is reasonably expected to require use of existing resources classified as current assets or the creation of other current liabilities. Accounts Payable Notes Payable Short-term notes payable Interest-bearing notes payable are reported as a liability at the face amount of the note along with any accrued interest payable. A zero-interest-bearing note does not explicitly state an interest rate on the face of the note. Interest is the difference between the present value of the note and the face value of the note at maturity. The currently maturing portion of long-term debts may be classified as a current liability.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 05/25/2011 for the course ACCY 331 taught by Professor Madlinger,l during the Spring '08 term at Northern Illinois University.

Page1 / 4

Final exam review - Comprehensive Final Exam Review...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online