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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