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Acc 221 Fall 2010 Topic Checklist for the Final Exam Solid Footing Chpt 1 Accounting Equation Debits and Credits in Asset Accounts Debits and Credits in Liability amp Equity Accounts Trial Balance Balance Sheet General Ledger Chpt 2 General Journal Posting Issue Common Stock Recording Loan from Bank Recording Purchase Equipment Recording Purchase Inventory Recording Balance Sheet Preparing Period of Time Assumption Entity Assumption Monetary Unit Assumption Going Concern Assumption Cost Principle Chpt 3 Common Stock vs Retained Earnings definitions Accounts Receivable Interest Payable Chpt 4 Recording transactions in revenue and expense accounts Sales Revenue Cost of Goods Sold Recording a sale in a merchandising company Other types of expenses rent expense wages expense interest expense etc Preparing an Income Statement Calculating the required Retained Earnings ending balance for the Balance Sheet Chpt 5 Closing revenue accounts Closing expense accounts Preparing a postclosing Trial Balance Nine steps in the Accounting Cycle do not memorize be able to identify the proper sequence if given the nine steps not in their proper sequence Chpt 6 Beginning balances in permanent accounts Beginning balances in temporary accounts Sale to a customer both for cash and on account Collect an Account Receivable Make payment on a vendor s Accounts Payable Review of the Accounting Cycle based on Problem 61 see the last item for Chpt 5 above Solid Footing continued Pg 2 Chpt 7 Accumulated Depreciation account Depreciation Expense account recording the depreciation adjusting entry errors resulting from not making the depreciation adjusting entry Adjusting entries for Prepaid Assets supplies prepaid rent prepaid insurance etc errors resulting from not making a prepaid asset adjusting entry The 3 question process for adjusting any asset or liability account using a T account analysis to determine the required adjusting entry Adjusting entries for Accrued Liabilities wages payable rent payable interest payable etc errors resulting from not making an accrued liability adjusting entry Chpt 8 Unearned Revenue liability account recording the receipt of an advance payment Adjusting entry to the Unearned Revenue account errors resulting from not making an Unearned Revenue adjusting entry Adjusting entries for Accrued Revenues Accounts Receivable for unbilled services Interest Receivable Rent Receivable etc errors resulting from not making an Accrued Revenue adjusting entry Chpt 9 See the material for Chapters 7 amp 8 Chpt 10 Dividends Date of Declaration Date of Record Date of Payment Dividend account a dividend account will always be used to record the declaration of dividends Dividend entry on the Date of Declaration No entry on the Date of Record Dividend entry on the Date of Payment Closing the Dividend account Spiceland and Related Handouts Chpt 4 Cash and Internal Control SarbanesOxley Act Internal Control have a very general understanding of what Internal Control is Reconciling a bank account Journal entries resulting from a bank account reconciliation Chpt 5 Receivables and Sales Recording a credit sale in the Accounts Receivable account Sales Discounts Sales Returns and Allowances The allowance method for uncollectible accounts the Allowance for Uncollectible Accounts account the Bad Debt Expense account Calculating the required balance for the Allowance for Uncollectible Accounts account using the Single Estimated method using the Aging method Allowance method adjusting entry to record the estimate of uncollectible accounts Allowance method entry to record the writeoff of an uncollectible account Allowance method entries to record the collection of an account previously writtenoff Direct writeoff method entry to record the writeoff of an uncollectible account Recording a Note Receivable Interest calculation on a Note Receivable recording Interest Receivable and Interest Revenue Spiceland and Related Handouts continued Pg 3 Chpt 6 Inventory and Cost of Goods Sold How to calculate Ending Inventory and Cost of Goods Sold using the FIFO cost flow assumption How to calculate Ending Inventory and Cost of Goods Sold using the LIFO cost flow assumption How to calculate Ending Inventory and Cost of Goods Sold using the Average Cost cost flow assumption Effects of the 3 different cost flow assumptions on 0 Inventory on the Balance Sheet Cost of Goods Sold Gross Profit Pretax Income Tax Expense 0 Net Income LowerofCost orMarket LCM Chpt 7 LongTerm Assets What are Fixed Assets Capital vs Operating expenditures What is included in the cost of a fixed asset Accumulated Depreciation account Recording the depreciation entry Calculating depreciation using the o StraightLine method 0 DecliningBalance method 0 ActivityBased method What is Book Value Recording the disposal of fixed assets with no gain or loss with a gain note that a gain on disposal will always be recorded in the Gain on Disposal of Fixed Assets account with a loss note that a loss on disposal will always be recorded in the Loss on Disposal of Fixed Assets account What is Goodwill calculating Goodwill the Goodwill journal entry Chpt 8 Current Liabilities Current vs Longterm liabilities Notes Payable recording the initial issue of a Note Payable calculating interest on the Note Payable recording the accrual of Interest Payable recording the payment of accrued interest recording the payoff of the Note Payable Accounts Payable account Calculating and recording a payroll do not memorize the accounts used understand the sequence of the journal entries understand the difference between tax amounts withheld from an employee s wages and the employer s tax expense Uhearhed Revenue calculating the required adjusting entry recording the adjusting entry Recording a sale when Sales Tax is collected Chpt 10 Stockholders Eguity What is corporation Advantages and disadvantages of the corporate form of organization Par value of Common Stock Recording the sale of Common Stock using the Paidin Capital in Excess of Par Value account Treasury Stock what is it how to record the purchase of Treasury Stock Shares of stock Authorized Issued Outstanding Cash Dividends again see chpt 10 in Solid Footing 2 for 1 Stock Splits see Excel handout Balance Sheet presentation of Stockholders Equity general understanding don t memorize Statement of Stockholders Equity general understanding don t memorize Pg 4 Present Value and Bonds What is Present Value and how to use the Present Value of a Single Amount of 1 table What is Present Value of an Annuity and how to use the Present Value of an Annuity of 1 table Utilizing the Bond Excel handout for bonds paying interest annually know 0 how to calculate the selling price of a bond 0 for a bond selling at E how to calculate the Bond Amortization Schedule record the sale of the bond record the annual interest payments on the bond record the maturity payment of the bond for a bond selling at a discount how to calculate the Bond Amortization Schedule record the sale of the bond record the annual interest payments on the bond record the maturity payment of the bond for a bond selling at a premium how to calculate the Bond Amortization Schedule record the sale of the bond record the annual interest payments on the bond record the maturity payment of the bond Utilizing the Bond Excel handout for bonds paying interest semiannually know how to calculate the selling price of a bond that pays interest semiannually Statement of Cash Flows Solid Footing Chapters 11 amp 12 Know how to classify cash flows by Operating Activities Investing Activities Financing Activities Be able to determine the amounts heed to prepare a Statement of Cash Flows utilizing the Cash Flow Worksheet You will not be required to prepare the Statement of Cash Flows from scratch on a blank piece of paper you will need to know how the amounts on your Cash Flow Worksheet would be used to prepare the Statement of Cash Flows The testing process on the Final Exam will be similar to the testing process that was on the Cash Flow quiz Red Company Know How to Calculate Percentage increase decrease AssetstoEquity ratio know that this is called Leverage this is one of the DuPont ratios Asset Turnover ratio know that this is called Efficiency this is one ofthe DuPont ratios Return on Sales ratio know that this is called Profitability this is one of the DuPont ratios Return on Equity ratio this is one ofthe DuPont ratios Return on Assets ratio Working Capital Current ratio Quick ratio Times Interest Earned ratio Number of Days Sales in Receivables Number of Days Sales in Inventory Cash Flow to Net Income ratio Cash Flow Adequacy ratio Free Cash flow Dividend Payout ratio PriceEarnings ratio Know What Vertical Analysis is C mmonSize Statements are Horizontal Analysis is Ace 221 Exam 2 Review Guide and Check List This checklist is provided to guide your nal review in preparation for Exam 2 It is not a replacement for completing all of the reading and homework assignments Often the concepts in a question are covered in more pages of the textbook and more homework problems than just the pages and homework problems listed under the question Exam Question 1 How to Handle a Bank Fee on a Bank Reconciliation Serv Chg Tab in Bank Recon Examplesxlsquot Excel Handout Homework Question 4 17 Exercises 45 4 6 4 8 Problems 42A requirement 1 43A requirement 1 Spiceland pages 169 to 171 Exam Question 2 How to Handle a NSF Check on a Bank Reconciliation NSF Check Tab in Bank Recon Examplesxlsquot Excel Handout Homework Question 4 17 Exercises 45 4 6 Problems 42A requirement 1 4 3A requirement 1 Spiceland pages 169 to 171 Exam Question 3 How to Handle an Error in Recordinq a Check Received from a Customer error in recording a deposit on a Bank Reconciliation Homework Question 4 17 General reconciliation concepts from Spiceland pages 166 to 171 Exam Question 4 How to Handle an Error in Recording a Check Written to a Vendor on a Bank Reconciliation Ck Rec too much Tab Ck Rec too little Tab in Bank Recon Examplesxlsquot Excel Handout Homework Problem 4 2A requirement 1 Spiceland pages 169 to 171 Acc 221 Exam 2 Review Guide and Check List Page 2 Exam Question 5 Preparing the Companv s Cash Balance portion of the Bank Reconciliation All ofthe Bank Recon Examplesxls Excel Handout Problems 4 2A requirement 1 4 3A requirement 1 Spiceland pages 169 to 171 Exam Questions 6 WritingOff an Uncollectible Account Receivable when the Allowance Method is Used AR Allowance Example tab in the Allowance for Doubtful Accounts amp AR Aging Schxs handout Homework Question 513 Exercise 511 Problem 54A Spiceland pages 208 to 210 Exam Question 7 WritingOff an Uncollectible Account when the Direct Writeoff Method is Used Class notes from example reviewed in class Spiceland pages 215 to 216 Exam Question 8 Net Realizable Value of Accounts Receivable The effect on the Balance Sheet and the Income Statement when an Account is Writtenoff and the Allowance Method is being Used AR Allowance Example tab in the Allowance for Doubtful Accounts amp AR Aging Schxs handout Homework Questions 57 512 513 Exercise 58 Spiceland pages 208 to 211 Exam Question 9 Estimating the Amount of Uncollectible Accounts Using the Single Estimated of Total AIR Method The Required Journal Entry to Adiust the Allowance for Uncollectible Accounts account Est of Allow Single Method tab and the AR Allowance Example tab in the Allowance for Doubtful Accounts amp AR Aging Schxs handout Homework Exercises 58 59 Problem 53A Spiceland pages 208 to 212 Acc 221 Exam 2 Review Guide and Check List Page 3 Exam Question 10 Impact of a Writeoff on the Allowance for Doubtful Accounts account and the Resulting PeriodEnd Adiusting Entry Based on the of Total AIR Method Same items as question 9 Exam Question 11 Required Journal Entrv to Record a Note Receivable beinq Received from a Customer to Settle an Accounts Receivable Note Receivable and nterestdocquot handout Homework Exercise 515 Spiceland page 220 Exam Question 12 Required Journal Entry to Record the Receipt of Cash for Payment of a Note Receivable and Interest that has been Earned on the Note Note Receivable and nterestdocquot handout Homework Exercise 518 Problem 58A Spiceland pages 220 to 223 Exam Questions 13 to 18 Calculating Ending Inventory and Cost of Goods Sold using FIFO LIFO Average Cost method FIFO LIFO Avg Costxlsquot handout Homework Question 6 4 Exercises 6 2 6 3 Problem 6 2A Spiceland pages 252 to 256 Exam Question 19 Impact of Using FIFO LIFO Average Cost method on Net Income FIFO LIFO Avg Costxlsquot handout Homework Questions 6 8 6 9 6 11 Exercise 6 2 Problem 6 2A Spiceland pages 256 to 258 Acc 221 Exam 2 Review Guide and Check List Page 4 Exam Question 20 Calculating the Inventory Amount Using Lower of Cost or Market Homework Question 6 1 5 Exercise 6 1 2 Problem 6 6A Spiceland pages 266 to 269 Exam Question 21 Calculation of Cost of Goods Sold using FIFO and LIFO and then Using that Value to Calculate Gross Profit FIFO LIFO Avg Costxlsquot handout Homework Exercise 6 2 Problem 6 2A Spiceland pages 256 Exam Question 22 Using LIFO for Income Tax Reporting Using LIFO for Financial Statements LIFO Conformity Rule Homework Questions 6 8 6 9 6 11 Problem 6 2A Spiceland pages 256 to 258 Exam Question 23 Sales Returns and Allowances Preparing a Journal Entry Sales Discounts and Sales Returns amp Allowancesdocquot handout Homework Question 54 Exercise 56 Spiceland pages 203 to 204 Exam Question 24 Sales Discounts Preparing a Journal Entry Sales Discounts and Sales Returns amp Allowancesdocquot handout Homework Question 53 Exercise 53 Spiceland pages 201 to 203 Acc 221 Exam 2 Review Guide and Check List Page 5 Exam Question 25 LowerofCostorMarket Preparing a Journal Entry Homework Question 615 Exercises 612 Problem 66A Spiceland pages 266 to 268 Exam Question 26 Correcting a Recording Error Discovered by Preparing a Bank Reconciliation Preparing a Journal Entry Ck Rec too much Tab Ck Rec too little Tab in Bank Recon Examplesxlsquot Excel Handout Homework Problem 4 2A Spiceland pages 169 to 171