ACCOUNTING 2ND SEMESTER FINAL REVIEW

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ACCOUNTING 2ND SEMESTER FINAL REVIEW Powered By Docstoc
					                                ACCOUNTING 1
                              SECOND SEMESTER
                             FINAL EXAM REVIEW
                         CHAPTERS 12-21 AND PEACHTREE
TEST
100 OBJECTIVE
2 ESSAYS

TERMS
   NET PAY                                    ACCUMULATED DEPRECIATION
   TOTAL ACCUMULATED EARNINGS                 INVENTORY RECORD
   RETAINED EARNINGS                          STOCK RECORD
   STATEMENT OF STOCKHOLDERS                  PERPETUAL INVENTORY
    EQUITY                                     PHYSICAL INVENTORY
   NET PURCHASES                              FIFO/LIFO/WEIGHTED AVERAGE
   COST OF MERCHANDISE SOLD                   NOTES RECEIVABLE AND PAYABLE
   UNCOLLECTABLE ACCOUNTS                     INTEREST INCOME
    EXPENSE                                    ACCRUED REVENUE
   DEPRECIATION EXPENSE                       ACCRUED EXPENSE
   BOOK VALUE


YOU NEED TO KNOW:
   ACCOUNTING EQUATION ACCOUNTS AND NORMAL BALANCES
   PREPARING PAYROLL TIME CARDS
   PAYROLL TAXES (EMPLOYEE AND EMPLOYER)
   PAYROLL RECORDS (REGISTER AND EMPLOYEE EARNINGS RECORD
   WORKSHEETS FOR CORPORATION AND END OF FISCAL PERIOD ADJUSTMENTS
   PARTS OF THE CORPORATE INCOME STATEMENT AND FORMULAS
   WRITING OFF UNCOLLECTABLE ACCOUNTS AND RE-OPENING
   CALCULATING PROPERTY TAX USING ASSESSED VALUE X TAX RATE
   INVENTORY TRANSACTIONS AND ADJUSTMENTS
   CALCULATING MATURITY DATES AND VALUES OF PROMISSORY NOTES
   DISHONORED NOTES AND EXTENSIONS OF TIME
   ACCRUED INTEREST ENTRIES FOR NOTES RECIEVABLE AND PAYABLE

POSSIBLE ESSAYS:
   EXPLAIN THE ADVANTAGES OF USING SPECIAL JOURNALS
   EXPLAIN AT LEAST FOUR ADJUSTING ENTRIES THAT A CORPORATE MERCHANDISING
     BUSINESS WILL USE THAT A SOLE PROPRIETORSHIP SERVICE BUSINESS WILL NOT. BE
     SURE TO INCLUDE THE ACCOUNTING PRINCIPAL AND HOW THE ENTRY AFFECTS THE
     TWO FINANCIAL STATEMENTS.
   EXPLAIN THE VARIOUS TRANSACTIONS AND TERMS INVOLVED WITH PROMISSORY
     NOTES.
   DIFFERENTIATE THE THREE METHODS OF COSTING INVENTORY AND GIVE EXAMPLES.
   EXPLAIN THE STEPS OF THE ACCOUNTING CYCLE AND DIFFERENTIATE MANUAL
     ACCOUNTING VS. AUTOMATED ACCOUNTING AND WHICH ONE YOU PREFER AND WHY.

				
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posted:11/25/2011
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