Exam 1 Study Guide
Exam 1 Study Guide BA 215
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This 2 page Study Guide was uploaded by Amy Notetaker on Wednesday September 2, 2015. The Study Guide belongs to BA 215 at University of Oregon taught by ? in Spring 2014. Since its upload, it has received 92 views. For similar materials see Accounting in Business Administration at University of Oregon.
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I'm pretty sure these materials are like the Rosetta Stone of note taking. Thanks Amy!!!
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Date Created: 09/02/15
17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 If given the names of 4 companies three of which are merchandise businesses and one of which is a manufacturer be able to identify which is NOT a merchandise business Be able to recognize the 4 legal forms of business Know the characteristics of a corporation Know the purpose of financing activities Know what borrowing money creates in terms of the accounting equation Know that a note payable repayment requires more than payment of the amount borrowed you must also pay Know the definition of an asset Know what type of business activity is purchasing equipment Be able to identify an intangible asset out of a list of assets Know what is considered an asset until consumed used up Know what type of business activity collecting cash from sales is Know the definition of expenses Know the definition of the role of accounting in business Know what debts owed by a business are in terms of the accounting equation Know which statement is a summary of revenue and expenses Be able to identify the revenue and expense items from a list that contains assets liabilities equity and revenue and expense accounts and calculate net income If given revenue expenses dividends be able to calculate net income and what the change in retained earnings is Be able to identify the assets from a list that contains assets liabilities equity and revenue and expense accounts and calculate total assets If given Total Assets Total Liabilities and Total Retained Earnings be able to calculate Total Stockholders Equity If given beginning retained earnings net income and ending retained earnings be able to calculate how much dividends were paid If given 3 liabilities and 1 asset be able to identify the asset If given the change in assets and the change in equity be able to calculate the change in liabilities If given beginning and ending assets and liabilities and given stock issuance and dividends paid be able to calculate net income Know which section of the cash flow statement payment of a dividend would show up Know the net effect on Total assets when using cash to buy land Know when revenue is recorded under the accrual method of accounting Know when expenses are recorded under the accrual method of accounting Know what type of account unearned revenue is Know what type of accounts depreciation expense and accumulated depreciation are If given beginning balance purchases and ending balance of supplies account know how to calculate the adjusting entry Know how to calculate the end of year balance for a prepaid insurance policy covering more than one year and purchased during a year Know what updating accrual accounting records at the end of a period is called Know what prepaid expenses are expected to become over time Know what unearned revenues are expected to become over time Know the definition of Current Assets From a list of companies pick out the one merchandising business listed among the service companies 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 If given beginning inventory purchases and ending inventory values be able to calculate cost of merchandise sold Know how to calculate gross profit If given purchases returns discounts and transport costs be able to calculate the cost of merchandise purchased Know what is shown on a multiple step income statement If given sale SS amount credit terms sale return SS be able to calculate the discount amount and the final net sales from a transaction Know which financial statement reconciles net income with cash flows Know what can be offered to buyers to encourage them to pay their invoice early f sale SS amount credit terms and date of payment made be able to calculate discount Know name of account that is merchandise purchased for resell Know when title passes to the buyer under both shipping methods Know how to calculate net cash flow from operating activities using the indirect method Know which section of the cash flow statement payment of a dividend would show up If given total assets value and a list of asset values be able to calculate value of one missing asset account If given total liabilities value and a list of liabilities values be able to calculate value of one missing liabilities account If given total stockholders equity and total assets values be able to calculate missing total liabilities value If given total assets value be able to calculate total of liabilities and total stockholders equity 60 Record transactions for capital stock issuance providing services on account purchasing supplies on account receiving cash for services previously billed receiving cash for current services making payment on supplies previously purchased on account payment of cash for 1 year insurance policy payment of operating expenses payment of dividends to stockholders a Calculate ending balances of the accounts involved in transactions b Calculate net income for the period
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