Exam 1 SP2011 Review sheet

Exam 1 SP2011 Review sheet - Exam 1 Review Sheet 1 Exam...

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Exam 1 Review Sheet 1. Exam Composition*: Conceptual B/S I/S (Ch 4) Receivables (Ch 7) Total by question type 10 Multiple choice 32 points (14%) 16 points (7 %) 8 points (4 %) 24 points (10 %) 80 points (35%) 3 Problems 40 points (17%) 55 points (24%) 55 points (24%) 150 points (65%) Total by topic 32 points (14%) 56 points (24%) 63 points (28%) 79 points (34%) 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. 2. Review by Chapters 1) from my Lecture Notes) What constitutes U.S. GAAP and what is the source of GAAP? What is the overall objective of financial reporting? How do each of the qualitative characteristics, enhancing characteristics, and constraints relate to this overall objective and how do they relate to each other? In general, what do each of these characteristics and constraints mean in terms of financial reporting? Can you apply them to different financial reporting problems/scenarios? (FYI, be sure to focus on understanding the NEW ones in the notes, not the old ones in the book.) Briefly explain and provide financial reporting examples of each of the four principles that are used in accrual accounting. (i.e., measurement, expense recognition, revenue recognition, and full disclosure). And what’s the tradeoff for applying these principles?
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2) The Balance Sheet - Chapter 5 and a bit Chapter 24
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Exam 1 SP2011 Review sheet - Exam 1 Review Sheet 1 Exam...

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