Final_Exam_Review_Sheet_Spring_2011

Final_Exam_Review_Sheet_Spring_2011 - ACCT 100 Spring 2011...

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ACCT 100 Spring 2011 Final Exam Review Sheet Exam Date and Time: Wednesday, May 18 th ( Check the following website for the exact time of your section’s exam) http://www.sfsu.edu/~acadres/final_exams/ The final exam is comprehensive in nature and focuses on general topics from chapters covered on the first two exams, as well as more detailed concepts from the Liabilities and Sharholders’ Equity chapters. For the transaction recording, you should be familiar with the standard journal entries that we’ve covered throughout the semester (e.g., recording credit sales of goods, purchases of inventory on account, end-of- period adjusting entries, etc.). Investments (Chapter 12) will not be on the final exam. Another area to focus on is knowing what an account represents and on which financial statement it would be included. Chapter 1: Distinguish between the basic financial statements and know the basic structure of each (see details in Chapter 4 topics below): o Balance Sheet Assets=Liabilities + Owners’ Equity o Income Statement Revenue – Expenses = Net Income o Statement of Cash Flows Cash Flows from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities o Notes to the Financial Statements Understand the Interrelationship between the Financial Statements o Balance sheet describes the company’s economic resources, obligations, etc. at a given point in time. o Income state describes financial performance over a period of time. The net income is transferred to Retained Earnings (on the balance sheet) at the end of each accounting period. Distinguish between External vs. Internal Users of Accounting Information o Managerial Accounting vs. Financial Accounting Be familiar with the following accounting concepts (make a flashcard defining each term; these are discussed in various chapters, so just look up the term in the glossary and index to find a definition and explanation of it):
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This note was uploaded on 09/09/2011 for the course ACCT 100 taught by Professor Ftom during the Spring '08 term at S.F. State.

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Final_Exam_Review_Sheet_Spring_2011 - ACCT 100 Spring 2011...

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