ere are some study points:

Understand inventory costing methods LIFO, FIFO and Weighted Average. Know how to calculate ending inventory and cost of goods sold. Understand how the selection of your inventory method during increasing pricing and decreasing pricing times will affect the financial statements, ending inventory and$$ cost of goods sold.

BE ABLE TO CALUCUALTE COST OF GOODS SOLD AND ENDING INVENTORY UNDER EACH METHOD. $($follow the outline in the slides$)$

Be able to calculate the weighted average cost per unit.

ACCRUAL ACCOUNTING:

Understand accrual transactions for Interest revenue and interest expense: Be able to know how the transaction is recorded and how it affects the financial statements.

$$Know what categorizes a contingent liability.

Be able to identify and calculate the cash flow activities...... which is an operating activity or an investing activity or a financing activity.

Understand credit card transactions and how they affect the financial statements and different characteristics of why a company accepts credit cards.

Understand the calculation and transaction for allowance for doubtful accounts $($revenue method ONLY$).$ These are year end adjusting entries. What accounts are effected and how does it effect the financial statements.$$

Be able to record sales tax transactions and understand the effects of the financial statement.

For depreciation expense you will ONLY need to calculate straight line depreciation. However, you need to understand the characteristics of straight line, double declining balance, and units of production.$$ For Straight Line depreciation be able to calculate depreciation expense as well as determine accumulative depreciation for a particular year. Know how the adjusting entry affects the financial statements

Know the different characteristics such as depletion versus depreciation versus amortization.

Be able to identify classifications of current versus long term assets and liabilities.

Understand the characteristics and definition of intangible versus tangible assets.

Be able to identify assets intangible, tangible$,$ property plant equipment.

Be able to determine the acquisition cost of an asset. Remember it's not just the purchase price but it includes many other items. Review the slides.

Review all of the practice questions posted in BB and the practice sheets we did in class. THESE ARE A GREAT REVIEW.

Remember when reading a question problem look at the requirement and what they're asking you first period then go up and read the problem. Often you have a lot of information that you don't need based on the question being asked

Best of Luck