Exam Review

Please review all of your notes and class assignments and complete the review below.

Format:

Multiple Choice

Accounting Problems:

  • Bank Reconciliation and Journal Entries
  • Adjusting Entries (including depreciation)
  • Journal Entries for a Merchandising Business (know all the Source Documents and entries required)
  • Financial Statements (Balance Sheet and Income Statement for Service and Merchandising Business)

Review:

Completing the Accounting Cycle

Pages 323-325   Ex.4-6

Cash and Internal Controls

Page 354 Ex.3

Page 386 Ex.2

Accounting for a Merchandising Business

Pages 455-458 Ex.1,2,4

Page 459 Ex.5

Page 462 Ex.11

For Additional Practice and Review

Review all of your unit tests, all T/F & M/C questions at the end of each chapter, review the Chapter Highlights and Accounting Terms at the end of each chapter.

 

A Message From Guidance

If you are experiencing any difficulties during the holidays and need someone to reach out to, please use the following resources:

-Kids Help Phone – 1-800-668-6868 or go to www.kidshelpphone.ca (available 24 hours a day) -Crisis Response Service – call (416) 410-8615 (available 7 days per week, 24 hours a day) -Tangerine Walk-In Counselling (Visit www.tangerinewalkin.com for clinic location & hours) -Rapport Family and Youth services (visit www.rapportyouth.com)

Have a safe and restful holiday on behalf of the Guidance Team.

Work Period

Practice and Review:

  • Read 396-417
  • Review Questions 1-17 Page 401, Exercise 2-5 Page 402
  • Review Questions 1-11 and Exercises 1-2 Page 406
  • Read 417-424
    Review Questions 1-15 (pg.424) Exercise 1-2,5  Page 424-427

From Previous Lessons:

  • Read 404-406
  • Review Questions 1-11 (page 406)
  • Important: Exercise 1-2 (page 407-408)
  • Read Pages 396-401
  • Complete Review Questions 1-17
  • Exercises 2,3,4

Accounting for a Merchandising Business – Inventory

Discussion:

  • What is a merchandising business?
  • How is it different from a service business?

Discussion:

  • Wholesaler vs. Retailer
    What is inventory?
  • Why is it so critical?

Discussion: Two Aspects – BS (Current Asset) and IS (COGS)
Periodic vs. Perpetual inventory systems – The Inventory Cycle
What is COGS? – calculation and using the equation
Complete Exercise 2 and 3 Page 402

Additional Review and Practice:

  1. Read 396-401
  2. Questions 1-17
  3. Exercises 2-5