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Exam 2 SP2011 Review sheet

Exam 2 SP2011 Review sheet - Exam 2 SP 2011 Review Sheet 1...

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Exam 2, SP 2011 Review Sheet 1. Exam Composition*: Inventory (Ch 8&9) PPE (Ch 10 & 11) Intangibles (Ch 12) Accounting changes & Error correction (Ch 22) Total by question type 10 Multiple choice 16 points (7%) 24 points (10 %) 24 points (10%) 16 points (7 %) 80 points (35%) 3 Problems 50 points (22%) 60 points (26%) 40 points (17%) 150 points (65%) Total by topic 66 points (29%) 84 points (36%) 24 points (10%) 56 points (24%) 230 points (100%) There will be 230 points for Exam 1, which represents 23% of your total course grade. The 10 multiple choice questions will NOT be graded for partial credit. The 3 “work-out problems” will be graded for partial credit. Thus, show your work and complete as much as you can on these problems to earn as much credit as possible! Some of the problems have more than one question. You will not be penalized twice for “carry-through errors.” * Slight variations to exam composition may occur.
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2. Review by Chapters 1) Chapter 8 & 9 – Inventories How do period and perpetual systems differ? How do average cost, FIFO, and LIFO differ? Can you calculate COGS and ending inventory using these methods (assuming a periodic inventory system)? What factors might drive a company to choose one cost method over another? What are the advantages and disadvantages of adopting LIFO? Can you explain the LIFO reserve and a LIFO liquidation? How does dollar value LIFO simplify and improve upon individual product LIFO? Can you compute ending inventory using dollar-value LIFO? When do you write-down inventory? What are the components of the LCM test? Can you explain the logic of it and compute the appropriate value for ending inventory, using an individual item, categorical, and total inventory LCM test? What is the journal entry to record the LCM adjustment, once you have calculated ending inventory under the LCM rule?
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