2304 Final Exam Review, Spring 2016
Terms and concepts
Managerial accounting vs Financial accounting
Managerial- internal users, specific, provides economic and financial info for managers and other
Financial- external users, general
Manufacturer vs mer
Circle the letter of the best response. (20 points)
1. Which account does a merchandiser use that a service company does not use?
A. Depreciation Expense
B. Supplies Inventory
C. Costs of Goods Sold
D. Unearned Revenue
Ch 1 & 2 Gleim Online Auditing
Independent CPAs perform audits on the financial statements of issuers. This type of auditing can best
be described as
A professional activity that measures and communicates financial and business
A regulatory f
Chapter 12 Review Sheet
Be familiar with the basic terminology of the chapter. P.526
How inventories & COGS are typically generated? Inventories and cogs 1.) goods on hand ready
for sale, whether the merchandise of a trading concern or the finish
Chapter 10 Review Sheet
Be familiar with the basic terminology of the chapter.
What all is included in the cash and cash equivalents category?
Include money market funds, certificates of deposit, savings certificates, and other similar types
Chapter 11 Review Sheet
Be familiar with the basic terminology of the chapter. P. 464
How are accounts receivable and notes receivable typically generated? What is the significance of
related party receivables? Accounts receivables include not on
Chapter 9 Review Sheet
Be familiar with the basic terminology of the chapter (pages indicated).
What are the differences between statistical versus nonstatistical sampling? What are the
advantages of statistical sampling?
Chapter 6 Review Sheet
Know the six stages of an audit and what takes place at each stage.
1.) Plan the audit
2.) Obtain an understanding of the client, its environment and internal control
3.) Assess risks of material misstatement, design furthe
Knowledge Buster #4 Repurchase of loans
Based on the keywords repurchase, fair value and recourse I was able to come to a conclusion as to how
this repurchase should be recorded.
According to Codification 860-20-25-1
Chapter 2 Exercise 1 part 1
Analyze the letter in Figure 2-5. How would you react if you received this letter?
1.) Think about these questions and then discuss them with your classmates:
o What are the strengths of this letter
5.) List the organizations, in chronological order, that have historically been responsible for setting
Committee on Accounting Procedure (CAP); Accounting Principles Board
GROUP CASE 09-8
LADS AND LASSIES COMPANY
JAZMINE MOORE, MARIA HARRIS, NAOMI JARAMILLO
Lads and Lassies (L&L), an Security Exchange Commission (SEC) registrant,