Accounting Final Reviewx0mchi
I need someone to generate a review for me to study based off of the concepts listed. That means finding an example question for each point, providing a definition and example, or creating a question and showing the formula/work. I'm using it to study for a 50 question final.
Inventory theory and calculation of ending inventory and/or cost of goods sold using perpetual and periodic system using lifo and fifo costing methods.
Cost of good available for sale, beginning and ending inventories, cost of goods sold and purchases and know how to work with them to find any of these variables.
Lower of costs or market for inventory, why and calculate it.
Internal controls including objectives and looking at segregation of during in particular.
Cash and bank reconciliation theory and practice and calculate the adjusted cash balance using the bank reconciliation
Petty cash theory and practice
Cash and cash equivalents
Interest and how to calculate it.
Notes and accounts receivables
Direct write off method and allowance for doubtful account methods theory and numeric question, including understanding the difference between percentage of sales and aging or account receivable methods.
Accounts receivables and allowance and bad debt expense journal entries.
Direct write off method and allowance method of handling uncollectibility of Accounts receivables
Cost of property plant and equipment for each.
Compute the depreciation (and journal entries) under all the methods: straight line, double declining, units of activity or production, and sum of the years’ digits.
What is depreciation? Disposal of plant assets by cash sale, trade in or just discarding them. Know how to compute the gain or loss, the entries and the basis of the new asset in the case of a trade in.
Journal entries and interest calculations and accrual for liabilities including notes payable.
Sales taxes, payroll journal entries
Characteristics of the different payroll taxes
Working capital ratio and current ratio computations
Corporate, partnership and sole proprietorship forms of business organizations – advantages and disadvantages.
Common stock, preferred stock, treasury stock and basic entries
Par value no par value
Authorized, issued and outstanding shares
Available for sale investments
Long term liabilities
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