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.

Download (PDF, 159KB)

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