Exam Review Sheet - Financial Accounting | ACCT 2401, Study notes of Financial Accounting

Download Exam Review Sheet - Financial Accounting | ACCT 2401 and more Study notes Financial Accounting in PDF only on Docsity! 2401 Exam Review Sheet Format: 22 multiple choice questions 2.5 points each for a total of 55 points 3 Problems worth 45 points each Chapter1 Assets, Liabilities, Owner’s Equity Accounting Equation- effect of transactions Income Statement, Statement of Retained Earnings, & Balance Sheet (20 Point Problem) like 1-33A & 1-34A Chapter 2 Debit and credit Normal Balances of accounts – types of accounts Journal entries (15 Point problem) like 2-16A, 2-17A & 2-31A & entry to issue stock like in chapter 10 Chapter 3 Accrual Accounting and Matching principle Adjusting Entries – (10 point problem) like 3-18A & 3-44A Closing Entries – part of 20 point problem listed in chapter 1, like 3-27A & 3-47A Temporary or permanent accounts Chapter 4 Periodic vs. Perpetual Inventory Gross Profit Journals entries – buyer and seller Chapter 5 Perpetual Inventory – definition and difference between FIFO & LIFO Chapter 6 Objectives of Internal Control Chapter 7 Purpose of Bank reconciliation Receivables – methods of handling uncollectible accounts Differences between them and how you handle the expense and the write offs Chapter 8 Fixed or plant assets – Depreciation, Book value, methods of depreciation Calculate Straight Line depreciation Selling an asset- calculate gain or loss Chapter 9 Current and long term liabilities Types of Bonds Chapter 10 Owner’s Equity – identify Owner’s Equity accounts Journal entry to issue stock (part of 2nd Problem) Chapter 11 Identify Operating, Investing and Financing Activities on Statement of Cash Flow