Fundamentals of Accounting
Fundamentals of Accounting ACT 205
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This 1 page Class Notes was uploaded by Olga Stroman on Tuesday September 22, 2015. The Class Notes belongs to ACT 205 at Colorado State University taught by Lauren Long in Fall. Since its upload, it has received 128 views. For similar materials see /class/210332/act-205-colorado-state-university in Accounting at Colorado State University.
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Date Created: 09/22/15
ACTZOS FINAL EXAM STUDY GUIDE Sections 3 and 6 Lauren Long s classes FINAL EXAM IS MONDAY MAY 9 1150 am 150 pm IN CLARK A 201 This is a mandatory exam it cannot be dropped If it increases your grade the final exam will also replace your lowest test grade TEST CONTENT Comprehensive Chapters 1 through 11skip 6 50 multiple choice questions worth 2 pts each Accounts 7 you will be given a list of accounts for each account you will indicate whether it appears on the income statement or the balance sheet Basic journal entries for transactions and adjusting entries Given a list of accounts does the account increase by debit or credit Accounting principles Inventory methods de nitions Joumal entries for merchandising enterprises Bad debts expense de nition and joumal entries Bank reconciliations Intemal control principles Prepaid expenses de nition and joumal entries Uneamed revenues de nition and joumal entries Howwhen to record accrued expenses Howwhen to record accrued revenues Gain or loss on long term assets Depreciation and amortization definitions and joumal entries Capital vs revenue expenditures Current vs Longterm liabilities Issuing stock Cash dividends Calculation of net income Revenues 7 Expenses Net Income Multiple step income statement Net SalesCOGSGross Pro tOperating expenses Income from operations or 7Other incomeexpense Income before taxesTaxesNet Income The balance sheet equation Assets Liabilities Owners Equity The owners equity equation Owners Equity Paid in Capital Retained Earnings The retained earnings equation Beginning Net Income 7 Dividends Ending There are no ratio questions