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Exam_2_Review_Sheet_Spring_2011

Exam_2_Review_Sheet_Spring_2011 - ACCT 100 Spring 2011 Exam...

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ACCT 100 Spring 2011 Exam 2 Study Guide Note> The second exam will be given on Wednesday, April 6 th and will be based on material covered in chapters 5, 6, 8, and 9. Depending on the edition of the text you are using, the chapter numbers may be different. Go by the title of each chapter if you’re not sure. The material in both editions is the same. Chapter 5: Sales and Net Sales (Accounting for Merchandising Operations) Be familiar with the format of the multi-step income statement. Know the various costs included in the value of inventory acquired. Be able to compute Cost of Goods Sold using: (1) perpetual inventory and (2) periodic inventory systems (see in-class examples in both C-5 excel files posted on iLearn). Know how to record transactions relating to purchases, purchase discounts and purchase return and allowances. Know the difference between F.O.B. shipping point and F.O.B. destination point.
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