MIME-Version: 1.0 Content-Type: multipart/related; boundary="----=_NextPart_01C7F6DD.868B4D30" This document is a Single File Web Page, also known as a Web Archive file. If you are seeing this message, your browser or editor doesn't support Web Archive files. Please download a browser that supports Web Archive, such as Windows® Internet Explorer®. ------=_NextPart_01C7F6DD.868B4D30 Content-Location: file:///C:/237A49D3/acc201hints1-3.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" Accounting 201: Chapters 1-3

Accounting 201: Chapters 1-3

Exam Hints 

 

= 1)      20 Multiple-choice questions @ 2 points each =3D 40 points

 

a= )      Multiple-choice questions will be mostly completion style with only a few calculation probl= ems

b= )      You should know the definition of financial accounting and the primary users th= at 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 ac= cepted accounting principles (GAAP) financial statements are given for a company w= ith 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 l= ist 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, T= he business earns appraisal revenue and receives cash for the services.  i.e., cash is number 1 and apprais= al services is number 8 in the list:  The answer would be—Debit (1) and credit (8)

 

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

 

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