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Final+Exam+Review - Journalize Post y 1 person is...

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Journalize Post Trial Balance Journalize Post adjusting entries Adj. Trial Balance Financial Statements Journalize Post closing entries Post closing Trial Balance nal Entries: Review homework problems and their effect on the financial statements st goods purchased were the first goods sold, ending inventory is based on the prices of the most recent units purchased. That is, under FIF ng inventory is based on the prices of the oldest units purchased. That is, under LIFO, companies obtain the cost of the ending inventor weighted-average unit cost (550 × $12 = $6,600). Note that this method does not use the average of the unit costs. That average is $11.50 ($ y 1 person is responsible for a given task. Example: Only cashiers may operate cash registers. or related activities. The responsibility for record keeping for an asset should be separate from the physical custody of that asset. cuments and all documents should be accounted for. he safeguarding of assets. Mechanical and electronic also safeguard and enhance accuracy and reliability of account records. ds periodically or on a random basis with an employee who is independent of the personnel responsible for the information. uct background checks. 262. B. Debit – Charge for printing company checks $30 C. Credit – Collection of note receivable for $1,000plus inte etween the two balances: ded by the bank. Add these deposits to the balance per bank. yet been paid by the bank . Deduct outstanding checks he adjusted cash balance per books. All errors made by the bank are reconciling items in determining the adjusted cash balance per the bank. e any unrecorded memoranda. Accounting Final Review This review sheet is meant to be very helpful not 100% all-inclusive. The topics covered on the exam will be topics covered on your homework. 75 multiple choice questions/approx. 4-6 questions per chapter. Covers 1-12, 14, 15 Financial Statements: Income Statement: What accounts appear on this statement, what is the heading, what is the purpose, calculate net sales, calculate cost of goods sold (beginning inventory + net purchases + transportation – ending inventory), calculate gross profit, and calculate net income after taxes. Statement of Retained Earnings: What is the heading? What is the purpose? Calculate ending retained earnings (Beginning Retained Earnings + net income or – a net loss, minus both cash & stock dividends = ending retained earnings.) Balance Sheet: What is the heading, what accounts appear on this statement? What is the purpose? Calculate current assets, calculate total property, plant and equipment, calculate total assets, calculate total liabilities, and calculate total stockholders’ equity.
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Accounting Final Review Statement of cash flows: What is the heading? What is the purpose? What are the sections? What transactions go in each section? Calculate Net Cash Provided from Operations using the indirect method.
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