Chap 1

Multiple Choice (All Multiple Choice = 3 points each):

Due Process Standards of FASB

Characteristics, origins, nature, sources and influences of GAAP

SEC jurisdictions

Expectations gap

Ethical concerns of accountants

Chap 2

Fill in the Blank:

Basic elements of Financial Statements - Match the account with the element (14pts)

Basic Accounting Assumptions - Match the assumption with the situation (14pts)

Basic Accounting Principles - Match the principle with the situation (14 pts)

Chap 3

Multiple Choice:

-Prepaids/Unearned Rev/Accrued characteristics.

-Use of AJE's and Closing Entries.

Chap 4

Multiple Choice:

-Calc EPS

-Net of tax items on the income statement

-Which item effects current year income

-Selling/Admin expense identification

-Changes in Accounting Principles

-Multi-Step Income Statement order and net of tax items

-Comprehensive Income makeup

-Net Sales

-Income tax on the Income Statement

Fill in: Retained Earnings Statement with Prior Period Adjustment (18pts)

Chap 5

Multiple Choice:

-Current Assets/Current Liability items

-Purpose of Cash Flow statement and various sections of the Cash Flow statement (ie: Find cash provided by operations)

-Contra Assets

-Cash Flow totals

-Certain Balance Sheet Section items

Chap 6

Multiple Choice:

-Definition of Interest

-Various TVM questions - terms and principles

-Find # of periods for TVM problem

-Find interest rate for TVM problem

-Find PV of annuity due payments

Chap 7

Fill in the Blank:

Bad Debt JE's (Like Ex 7-7) (12 points)

Sales of A/R JE's (Like Ex 7-19) (20 points)

Chap 8

Multiple Choice:

-Rising prices and net income

-Periodic versus Perpetual method terms

-Which goods are in inventory

-Characteristics of FIFO/LIFO methods

-Calc LIFO ending inventory - periodic

-Calc LIFO ending inventory - perpetual

-Calc Avg Cost ending inventory - periodic

Chap 9

-Calcvalue of inventory lost of fire using gross profit method (one fill in the blank - 5 pts)

-CalcEnding Inventory using conventional retail method (fill in the blank - 5 pts)

Multiple choice:

-What is included in calculation of conventional retail method

Chap 10

Multiple Choice:

- Capitalization of land and sum up applicable capitalized amounts

- Capitalization of interest - What is avoidable interest? What time period is used to calc capitalized interest?

- Non-monetary exchanges - Rule if exchange has commercial substance or is w/o commercial substance

- JE for exchange w/ comm substance

- Calc gain from exchange w/ comm substance

- Calc value of new equipment on exchange w/o comm substance

Chap 11

Multiple Choice:

- Calc gain on sale on equipment at mid-year or end of year

- Steps to use the DDB method

- Definition of book value

- MACRS attributes

- Calc DDB depreciation

- Problem - Fill in the blank - Calc DDB Depr,SYD Depr, Gain/Loss on Sale (15 points)