advice on what to know for final

advice on what to know for final - 80 units at $9 50 units...

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Aightttt so.. Self-study questions from Wiley are gold, especially the questions involving math and equations (Wiley shows you exactly how to do it). Know that you find the accounting period by “dividing 365/ by the inventory turnover ratio. “ < That is the answer (< Multiple choice) Figure this out vvv When do you count a certain thing as inventory a.managers judgement b.if you can touch it c. when you finish payment for it d.??????? Know how to find net income, operating expenses, and gross profit. Know which accounts you leave out to find operating expense, gross profit, and net income. Etc. -Is loss from sale of a building included or not? < Know that Stuff that was write out -Allowance for doubtful accounts -Bad debt expense stuff. Which account to debit/credit. al -Income statement Know how to find average cost i.e.
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Unformatted text preview: 80 units at $9 50 units at $10 If you sold 100 units, what is the average cost? Know which account you close on an income account summary, or some shit like that. (< Multiple choice) Bank reconciliation, all it asks is weather the certain adjustment goes on the bank or books, and if it increases it or decreases it. (< That is also multiple choice) Regarding FIFO LIFO, on chapter 6 self study questions (I think like question 4 and 5) on Wiley plus they ask you the same way they ask you on the test. ***Wiley Plus self study questions Hammer those all out a few times. Chapters 9 / 5 / 6 / 8 The last part of the test deals with a company receiving a loan and the fact that you initially adjust the account for face value and factor in interest rate later. Figure that stuff out....
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