Structure of Exam

Structure of Exam - Cost of goods sold = merchandising...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Structure of Exam 3 questions 1. Multiple choice  10 parts 10 points set of statements, set of options 2. Closing entries talking about the three financial statements  balance sheet, income sheet, statement of retained earnings 20 points 3. Adjusting entries 10 adjusting  20 points understanding the basic accounting cycle booking part doing other systems the closing process how to do the closing entry each account has a different way to close the account Residual Equity Difference between assets and liabilities Different name with different accounts Closing revenue account General rule for closing is Identify one of those accounts that your going to close Revenue accounts, Interest expense
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Cost of goods sold = merchandising expense If the temporary account need to close at a credit balance you need to debit it to that particular account Whatever is the balance of that in the cr End in debit credit it If end in debit credit it Only in business accounting 4 steps If the Temporary account is credit the closing entry will take a debit account Vise versa****** Balance sheet Current Assets Long-term assets Closing entries When have credit debit only use the words credit and debit when internal accounts Need to know charts of accounts And the order of how they would go into the form...
View Full Document

This document was uploaded on 11/04/2011 for the course SPEA-V 246 at Indiana.

Page1 / 2

Structure of Exam - Cost of goods sold = merchandising...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online