FINANCIAL ACCOUNTING STUDY GUIDE FINAL EXAM
Test format will be true/false, multiple choice, and multiple choice problems from the following chapters.
Understand general theory and concepts plus the following:
Note: No true/false and multiple choice
a) Preemptive right
d) Contributed capital
m) Cash dividend
p) Date of record
s) Stock dividend
y) Restricted stock
b) Common stock
e) Additional paid in
a) Current liabilities
d) Unearned revenue
g) Gain contingencies
j) Asset retirement
m) Unsecured bonds
p) Callable bonds
e) Vested rights
h) Loss contingencies
k) Face value
s) Registered bonds
v) Revenue bonds
y) Stated interest r
Preemptive right- protects an existing stockholder from involuntary dilution of
Common stock- the residual corporate interest that bears the ultimate risks of loss and
the benefits of success
Preferred stock- sacrifices some rights in r
FOX CHAPEL DAD
Periodically extend product lines for health indulger and healthy spenders
since they are emotional groups.
Launch different wet food to different age ranges.
Include a piece of feedback card in the container, IF the customer write the
(1) Understand the history of the types of financial reporting required in the 1920s and 1930s
(before the SEC Acts).
P8: B/S only listing assets and debts at least once a year (some companies disclose annual
net income <not revenue and expense>)
For bond issued at par:
A company issues 6%, 5 year Bonds at Par or face value of $100,000, paying interest
semi-annually June 30 and December 31.
If question is asked how much is semi-annual interest payment then it is calculated 6% x
UNIVERSITY OF PITTSBURGH
SAMPLE TEST 2 QUESTIONS
1. The primary responsibility for the information in a corporation's financial statements lies with
the chief executive officer (CEO) and the chief financial officer (CFO).
Net realizable value (NRV)- the estimated selling price in the ordinary course of
business, less reasonably predictable costs of completion and disposal
Markup- an additional markup of the original retail price
Markup cancellations- decreases in prices of