What is accounting?
What is business? Kinds of businesses?
Keys to a successful business.
Raising capital. Debt vs. Equity financing.
Define financial vs. managerial accounting
and note distinguishing characteristics.
Definition: The amount of assets received on the sale of goods or
services to customers. Those assets typically come in the
form of cash or accounts receivable.
Revenue Recognition Principle: Revenues are to be recognized
Exam 3 Topic Review Sheet
Managerial vs. Financial Accounting
Types of Business - merchandising,
Product vs. Period Costs in merchandising and
Product costs in a manufacturing business
(Lessons 5 - 10)
Use the following information to respond to problems 1 - 6 assuming Zee Corp. maintains
their inventory records on a perpetual basis:
Zee Corp., a wholesaler of unicycles, buys 20 unicy
Accounting for sales discounts and returns.
Accounting for uncollectible receivables.
Accounting for credit card transactions.
Accounting for intangibles including
Accounting for research and development
SAMPLE EXAM PROBLEMS AND EXAM PREPARATION
These sample exam problems will serve as excellent review for the actual exams. Solutions can be found at
the end of each of the sample exams. The problems included should give students a good idea of the format
Review of Perpetual Inventory Accounting and Costing Methods
Respond to the following:
1. What does it mean to account for inventory perpetually and what
are the benefits of such an approach?
2. What kinds of companies use sp