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2361 Accounting – Comprehensive Review Sheet 2361 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/approximately 4-6 questions per chapter Covers chapters 1-12, 14, 15 Financial Statements: Note 1: See last page of review Note 2: If you look at the end of your textbook there is a “rapid review on financial statements.” You should add four items to the statements: (1) in the current asset section of the balance sheet remember to deduct the Allowance for Doubtful Accounts, (2) in the liability section you would add a Premium on Bonds Payable and deduct a Discount on Bonds Payable, (3) in the Stockholders’ Equity Section remember Treasury Stock is a deduction, and Additional Paid In Capital goes in the SHE section, (4) in the Statement of Cash Flows you will only have questions on the indirect method. 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. 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. Calculate net cash provided/used from investing activities. Calculate net cash provided/used from financing activities. Chapter 1 Definitions: pages 9-10 (GAAP, SEC, FASB, cost principle, monetary unit, economic entity assumption) Definitions: Assets, Liabilities, Stockholders Equity, Revenues, Expenses Accounting Equation Relationship of four financial statements (sequence of preparation)
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This note was uploaded on 09/24/2011 for the course ACCT 2361 taught by Professor Severance during the Spring '08 term at Texas State.

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