Review for ACCT 2301 Final Exam
1. Problem Owners Equity
2. Cost Concept or Principle
3. Debit/Credit rules
4. Problem when trial balance is not in balance
5. Chart of accounts
6. Problem balance of cash account
7. Unearned Revenue
Problem 25-1A: Computation of payback period, accounting rate of return, and net present value L.O. P1,
Burtle Company is planning to add a new product to its line. To manufacture this product, the company needs to
buy a new machine at a $484,000 c
Accounting for Partnerships
Conceptual Chapter Objectives
C1: Identify characteristics of
partnerships and similar organizations
Analytical Chapter Objectives
A1: Compute partner return on equity and use
it to evaluate partnership performance
Exercise 20-9: Equivalent units computedweighted average L.O. C2, P4, P5
The production department in a process manufacturing system completed 382,000 units of product and transferred
them to finished goods during a recent period. Of these units, 62,000 w
Three answers are wrong.
Six answers are wrong.
Accounting Information Systems
Conceptual Chapter Objectives
C1: Identify fundamental principles of
accounting information systems
C2: Identify components of accounting
C3: Explain the goals and uses of special
Amounts due from customers for credit sales; backed by the customer's general
Measure of both the quality and liquidity of accounts receivable; indicates how often
receivables are received
SAN ANTONIO COLLEGE
DEPARTMENT OF BUSINESS
1300 San Pedro Avenue - AIC 325
San Antonio, TX 78212 - 4299
INSTRUCTOR: Hector Martinez,
Associate Professor, BBA, MBA, CPA
A company buys a new car on February 15, 2006, and immediately pays in cash the $25,000
purchase price. The company's bookkeeper fails to record the transaction at all. Based on this
information, which statement concerning the trial balance is correct
This is your points per Enter the Total Possible
section (thru the
Score (Thru the Current
This is the total possible
score at the end (ie 4
exams @40pts =160)
Current Score Current Total
1. Can MOH cost be cost effectively traced to product
2. Are predetermined overhead rate calculated using actual values overhead cost.
False Estimated manufacture overhead cost
3. Does activity based costing use earning one rate for allocating manufa
A partnership consists of two brothers. The partnership has a profit for the current calendar year.
The partnership must pay federal income taxes on its income, but the partners do not have to pay
income taxes on their share of the partnership's
1. What does the managerial accounting focus on providing? Provides information of what?
- management accounting is the information that managers use for decision-making.
providing information to managers2. Does Management accounting need to follow GAAP?
A company is taking the end-of-the-year physical inventory. Its accounting period ends on
December 31st. Which of the following items would not be counted in the ending inventory count?
1. Items sold on December 29th and shipped the same day where the pur
FOB shipping point means that the buyer must pay any necessary shipping costs and must assume
any responsibility for lost or damaged goods. - T
Feedback: FOB shipping point does mean that the buyer must pay any necessary shipping costs and must
Question 1: (50 points)
Problem 14-1A: Computing bond price and recording issuance L.O. P1,
Harvard Research issues bonds dated January 1, 2009, that pay interest sem
31. The bonds have a $30,000 par value, an annual contract rate of 4%, and
Question 1: (20 points)
Exercise 13-2: Accounting for par, stated and no-par stock issuances L.
Rodriguez Corporation issues 8,000 shares of its common stock for $183,600
journal entries to record this event under each of the following separate situa