Final Examination (Optional)
Instructions: Detach the Final Examination Answer Sheet on page 221
before beginning your final examination. Select the correct letter for the
answer to each multiple-choice question below and mark it in
Chapter 1- 3 Exam Cost Accounting
1. Cost and management accounting
a. require an entirely separate group of accounts than financial accounting uses.
b. focus solely on determining how much it costs to manufacture a product or provide a
Exam V Chapters 9 & 10
What is included in the cost of land v. land improvements.
Know depreciation, amortization and depletion.
Definition of Matching Principle.
Know difference between depreciating an ite
Exam IV Chapters 7 & 8
Definition of internal control and advantages and disadvantages.
What is collusion?
Know about bank and book sides of a bank reconciliation. What types of items ar
Exam III Chapters 5 & 6
Know journal entry by purchasing company for the purchase return of goods purchased on
What does 2/10, n/30 mean?
If payment is made within the discount period (for example 2
Exam II Chapters 3 & 4
A trial balance is done before financial statements are prepared.
Under the accrual method of accounting, when is revenue recorded?
Definition of matching principle.
What are adjustin
Exam I Chapters 1 & 2
Definition of Managerial Accounting.
Definition of CPA and FASB.
Definition of Sarbanes-Oxley Act (SOX).
Know characteristics of a Corporation, Proprietorship, and Partnership.