Final exam review - Comprehensive Final Exam Review...

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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
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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.
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