Acc 221 - Spring 2010 - Check List for Final

Acc 221 - Spring 2010 - Check List for Final - Acc 221...

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Acc 221 – Spring 2010 – Topic Checklist for the Final Exam Solid Footing Chpt. 1 [ ] Accounting Equation [ ] Debits and Credits in Asset Accounts [ ] [ ] Trial Balance [ ] Balance Sheet [ ] General Ledger Chpt. 2 [ ] General Journal [ ] Posting [ ] Issue Common Stock – Recording [ ] Loan from Bank – Recording [ ] Purchase Equipment – Recording [ ] Purchase Inventory – Recording [ ] Balance Sheet – Preparing [ ] Period of Time Assumption [ ] Entity Assumption [ ] Monetary Unit Assumption [ ] Going Concern Assumption [ ] Cost Principle Chpt. 3 [ ] Common Stock vs. Retained Earnings definitions [ ] Accounts Receivable [ ] Interest Payable Chpt. 4 [ ] Recording transactions in revenue and expense accounts [ ] Sales Revenue [ ] Cost of Goods Sold [ ] Recording a sale in a merchandising company [ ] Other types of expenses (rent expense, wages expense, interest expense, etc.) [ ] Preparing an Income Statement [ ] Calculating the required Retained Earnings ending balance for the Balance Sheet Chpt. 5 [ ] Closing revenue accounts [ ] Closing expense accounts [ ] Preparing a post-closing Trial Balance [ ] Nine steps in the Accounting Cycle (do not memorize – be able to identify the proper sequence if given the nine steps not in their proper sequence) Chpt. 6 [ ] Beginning balances in permanent accounts [ ] Beginning balances in temporary accounts [ ] Sale to a customer both for cash and on account [ ] Collect an Account Receivable [ ] Make payment on a vendor’s Accounts Payable [ ] Review of the Accounting Cycle based on Problem 6-1 (see the last item for Chpt. 5 above)
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Solid Footing (continued) Pg. 2 Chpt. 7 [ ] Accumulated Depreciation account – Depreciation Expense account – recording the depreciation adjusting entry – errors resulting from not making the depreciation adjusting entry [ ] Adjusting entries for Prepaid Assets (supplies, prepaid rent, prepaid insurance, etc.) – errors resulting from not making a prepaid asset adjusting entry [ ] The 3 question process for adjusting any asset or liability account – using a “T” account analysis to determine the required adjusting entry [ ] Adjusting entries for Accrued Liabilities (wages payable, rent payable, interest payable, etc.) – errors resulting from not making an accrued liability adjusting entry Chpt. 8 [ ] Unearned Revenue (liability) account – recording the receipt of an advance payment
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This note was uploaded on 10/20/2011 for the course ACC 221 taught by Professor Wiegand during the Spring '08 term at Miami University.

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Acc 221 - Spring 2010 - Check List for Final - Acc 221...

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