Recapping The Accounting Cycle
As demonstrated in this homework, the accounting process involves the following steps:
o Is the initial (chronological) record of all accounting transactions/events
o Every journal entry should be self balancing (
BE9-2- Floyd Corporation has the following four items in its inventory value for each item
Determine the final lower-of-cost-or-market inventory value for each item
BE11-2- Lockard Company purchased machinery on January 1, 2014, for $80,000. The
machinery is estimated to have a salvage value of $8,000 after the useful like of 8 years. (a)
compute 2014 depreciation expense using the straight-line method. (b) compute 2
ACC311- Quiz 2 Notes (3)
Income statement is computed on the accrual basis
Operating Cash Flows (OCF)
a) Direct approach- recommended by the FASB
b) Indirect approach- 3 types of adjustments
Loss on sale of assets
A. Trial balance
Cost of Goods Sold
Salaries and wages expense
BE8-5-Amsterdam company uses a periodic inventory system. For april, when the company sold
600 units, the following information is available.
Compute the April 30 inventory and the April COGS using the average-cost method.
April 1 inventory
April 25 purch
Practice Exam 2
This practice exam contains actual exam problems used during the last three years of my course.
Exam problems were cut and pasted from different exams to ensure that the problems cover material
assigned to exam 2 this term. In the past, so
Name of Program: Disabled Workers Handling
Date of the program: 21-23 November 2013
Place of program: Hosba Valley Resort, Jitra,Kedah.
Target group: Human Resources Executive
Number of participants: 50 people