Accounting 201 Hints

Exam Chapters 1-3 

1)     
20 Multiple-choice questions @ 2 points each = 40 points

 

a)      Multiple-choice questions will be mostly completion style with only a few calculation problems

b)      You should know the definition of financial accounting and the primary users that it serves

c)      Who establishes the rules of financial accounting

d)     Definitions of items such as accounts, journals, ledgers, posting, adjusting entries and closing entries

e)      Steps of the accounting cycle

f)       Know what debits and credits are and whether a debit or a credit increases (decreases) certain accounts

g)      Know how to determine account balances

h)      Be able to identify certain financial accounting principles such as the revenue recognition principle and the matching principle

i)        Know what closing entries do and which accounts are closed at the end of each period

j)        Know the difference between deferrals and accruals and how each is adjusted at the end of an accounting period

 

2)      Short Problems:

 

a)      (20 points)The four generally accepted accounting principles (GAAP) financial statements are given for a company with some missing information, dates, and figures.You will be required to fill in the blanks that represent the missing data.

 

b)      (30 points)You will be given a list of accounts (1-12) and asked to enter the account numbers (only) in the debit or credit column to journalize transactions given after the account numbers.For example, The business earns appraisal revenue and receives cash for the services.i.e., cash is number 1 and appraisal services is number 8 in the list:The answer would beóDebit (1) and credit (8)

 

c)      (10 points) You will be required to journalize two adjusting entries in general journal form.