Mid-term_Review

Mid-term_Review - 1. Unearned revenue 2. Prepaid expenses...

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Mid-term Review ACG 2021-Summer 2011 Format Ten Multiple Choice- 10 Points Six Problems - 90 Points Chapter I Elements of balance sheet, income statement, cash-flow statement and statement of stockholder equity The accounting equation Chapter II Transaction Analysis Journal entries 1. Debit assets, expenses 2. Credit liabilities, equity, and revenues T-accounts 1. Assets and expenses always have debit balances (left) 2. Liabilities, revenues, and equity have credit balance (Right) Chapter III Accrual Accounting (when to recognize revenue and expenses) More transaction analysis
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Unformatted text preview: 1. Unearned revenue 2. Prepaid expenses 3. Accrued revenue 4. Accrued Expenses Chapter IV 1. Fraud Triangle 2. How to prevent fraud 3. Bank Reconciliation Statements 4. Journal entries related to bank reconciliation statements Chapter VI Measuring and reporting accounts receivables 1. Estimating bad debt expenses 2. Allowance for doubtful account 3. Writing-off uncollectible accounts Chapter VI Perpetual versus periodic inventory methods Determining the cost of inventory and cost of good sold 1. FIFO 2. LIFO 3. Average cost method...
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