Final Review Sheet - Principles of Accounting I Spring 2012...

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Principles of Accounting I Spring 2012 Review Sheet – Final Examination 1. Use accounting equation to solve this question. p. 12 2. Setting accounting standards in the U.S. p. 8 3. Normal balance for an account. p. 52 4. Steps in the recording process. p. 55 5. Recognition of revenue in the proper period. P. 104-105 6. Effect of not making an adjusting entry for accrued revenue. P. 106 7. Revenue recognition principle. P. 97 8. Adjusting entries and the balances in the general ledger accounts. P. 114 9. Closing entries. P. 155 10. Credit terms: 2/10 n/30. P. 206 11. Perpetual inventory system and the Cost of Goods Sold account. p. 201-202 12. Value of ending inventory using LIFO. P. 257 13. Application of LCM. P. 262-263 14. LIFO inventory cost flow assumption. P. 257 15. Purchases journal. p. 315-317 16. Usefulness of outputs of an accounting information system.
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Unformatted text preview: P. 303 17. Check marked “NSF”. P. 367 18. Principles of Internal Control. P. 349 19. Application of the allowance method. P. 404-405 20. Value of a Note. P. 409, 411 21. Calculation of straight-line depreciation amount. P. 444 22. Amortization of intangible assets. P. 454-455 23. Accrual of interest on a Note Payable. P. 487 24. Current Ratio. P. 491 25. Problem – Use of the accounting equation. P. 12 26. Problem – Prepare adjusting entries. P. 112 27. Problem – Calculate value of ending inventory, using FIFO. P. 255-256 28. Problem – Analysis of a special journal. p. 308 29. Problem – Receivables turnover and average collection period. P. 414 30. Problem – Entry for sale of equipment. P. 451-452...
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  • Spring '12
  • DanSorenson
  • Accounting, Generally Accepted Accounting Principles, Setting Accounting Standards, recording process. p., Sold account. p., Purchases journal. p.

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