Chapter 7 Notes
1. Prepare a bank reconciliation.
Control Features: Use of a Bank
Contributes to good internal controls over cash.
Minimizes the amount of cash on hand.
Creates a double record of bank transactions. (cash account- to comp
Chapter 2 Class Notes
1. Identify the sections of a classified balance sheet.
2. Identify and compute ratios for analyzing a companys
3. Explain the relationship between a retained earnings
statement and a statement of stock
Chapter 1 Class Notes
Describe the primary forms of business organization.
Identify the users and uses of accounting information.
Explain the three principal types of business activity.
Describe the content and purpose of ea
Chapter 3 Class Notes
Analyze the effect of business transactions on the basic accounting equation.
Explain what an account is and how it helps in the recording process.
Define debits and credits and how they are us
Chapter 14 Class Notes
1. Explain the distinguishing features of managerial accounting.
2. Identify the 3 broad functions of management.
3. Define the 3 classes of manufacturing costs.
4. Distinguish between product and p
Chapter 4 Notes
Explain the revenue recognition principle and the expense recognition principle.
Differentiate between the cash basis and the accrual basis of accounting.
Identify the major types of adjusting entrie
Study Guide Final Exam
Final Exam is worth 78 points; approx. 25% new material (income tax) and approx. 75%
old material (financial accounting chapters 1- 7 and managerial chapters 14,18, and 21)
All questions on the exam are