Review Sheet for Test 2

Review Sheet for Test 2 - ACCT 225 FALL 2008 REVIEW SHEET...

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ACCT 225 – FALL 2008 REVIEW SHEET FOR EXAM 2 CHAPTERS 6-9 The second exam will consist of 33 multiple-choice questions worth 3 points each. The questions will address various topics we have covered from Chapters 6-9. Some questions will be definitional/conceptual in nature and others will require you to perform a calculation in order to answer the question. Topics that you should study include, but are not limited to , the following: Bank reconciliation and the adjusted cash balance that should be reported on the balance sheet New accounts introduced in Chapters 6-9 (know the characteristics of these accounts) Journal Entries to record: Sale of inventory (remember this requires two different entries) Payment for inventory purchases (this may include purchases returns and/or purchase discounts) Calculations for: Net Sales Cost of Goods Sold Shrinkage Gross Profit FOB Shipping Point versus FOB Destination Inventory Cost Flow Assumptions – FIFO, LIFO, Weighted Average Cost
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Review Sheet for Test 2 - ACCT 225 FALL 2008 REVIEW SHEET...

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