Preview

Study Guide

Good Essays
Open Document
Open Document
679 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Study Guide
The ACCT504 Midterm will be an online open-book, open-notes, open-computer exam with a time limit of 2 hours and 30 minutes. It will be worth 150 points or 15% of the course grade.

The Midterm is multiple pages and consists of 30 multiple choice questions, one essay question, and one problem. The multiple choice questions are worth 3 points each. Some of the multiple choice questions are problem-based. There is also one essay question worth 25 points and one problem worth 35 points. Terminal Course Objectives A, B, C, D, and E are all addressed on this exam.
For the multiple choice questions worth 90 points, you should
1. know what information is desired by external users of financial statements;
2. know about operating activities, investing activities, and financing activities;
3. be able to calculate net cash provided by operating activities in a simple situation (by identifying which activities are operating activities);
4. know the definitions of asset, liability, equity, revenue, and expense;
5. know what items appear under each classification in the balance sheet;
6. know how to compute earnings per share;
7. know the composition of a retained earnings statement;
8. know about a ledger account, its different parts, the rules of debit and credit, and the meaning of the term normal balance of an account;
9. know about revenue recognition principle, matching principle, and time-period assumption;
10. know the computation net income under accrual accounting (revenues—expenses);
11. know the meaning and purpose of adjusting entries, and the different types of adjusting entries;
12. know the difference between periodic and perpetual inventory systems;
13. know how to calculate net cost of purchases when terms of payment look like, for example, 3/10 n/45;
14. know the components of cost of merchandise inventory (e.g., invoice price less discount plus what other items are included?);
15. know the main points of difference among the four

You May Also Find These Documents Helpful

  • Satisfactory Essays

    1. The midterm exam is "open book, open notes." The maximum time you can spend in the exam is 2 hours, 30 minutes. If you have not clicked the Submit For Grade button by then, you will be automatically exited from the exam. In the midterm exam environment, the Windows clipboard is disabled, and so you will not be able to copy exam questions or answers to or from other applications.…

    • 1139 Words
    • 5 Pages
    Satisfactory Essays
  • Good Essays

    When an individual starts a business understanding financial statements are vital to tracking the company profits and losses. The company decisions are often decided by the figures and statistics. The figures are recorded and compared at a later date. Accounting knowledge is the core of the business and every aspect of a growing company depends heavenly on understanding the basic concept of debits and credits. Companies often develop departments that handle a large in flow of activity. The department keeps track of how well the business is performing and should be well staff with enough employees to fits the demands the company. When making certain that the business financial operation is running smoothly knowledge of the difference between current and noncurrent asset should be explored. The organization must also understand the order of liquidity and how it applies to the balance sheet.…

    • 727 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    Study Guide

    • 1194 Words
    • 5 Pages

    Direct sequence spread spectrum (DSSS), frequency hopping spread spectrum (FHSS), infrared, and orthogonal frequency division multiplexing (OFDM).…

    • 1194 Words
    • 5 Pages
    Powerful Essays
  • Satisfactory Essays

    Study Guide

    • 595 Words
    • 3 Pages

    3. How did the Supreme Court rule in the Munn v. Illinois and Wabash v. Illinois cases?…

    • 595 Words
    • 3 Pages
    Satisfactory Essays
  • Powerful Essays

    Study Guide

    • 785 Words
    • 4 Pages

    Use the websites and your book to help you answer the following questions about river erosion and deposition…

    • 785 Words
    • 4 Pages
    Powerful Essays
  • Good Essays

    Study Guide

    • 1785 Words
    • 6 Pages

    Chapter 6(Africa) key concepts- *The varied enviroments of African regions had an important influence on the cultural and economic developments of societies. *Regional and long distance interactions among African societies and with outsiders helped create the cultural diversity that characterized the period * Various African societies played a major role in the larger networks of trade, including both the Trans- Saharan and Indian Ocean trade networks. * Islam’s spread to Africa had a significant impact in terms of religious and economic influence from the period of 600-1450.…

    • 1785 Words
    • 6 Pages
    Good Essays
  • Satisfactory Essays

    study guide

    • 862 Words
    • 4 Pages

    Week 1 - August 13 - 16. Study questions and index cards are due in class on TBD.…

    • 862 Words
    • 4 Pages
    Satisfactory Essays
  • Powerful Essays

    Study Guide

    • 1609 Words
    • 5 Pages

    Boo is fascinating because he is a mystery. No one talks about him. Everything is a rumor. Everything about his life and house is in their imaginations.…

    • 1609 Words
    • 5 Pages
    Powerful Essays
  • Satisfactory Essays

    Study Guide

    • 1022 Words
    • 3 Pages

    Answer at least 2 of these questions comprehensively and complete a reply response to at least two students.…

    • 1022 Words
    • 3 Pages
    Satisfactory Essays
  • Satisfactory Essays

    study guide

    • 452 Words
    • 2 Pages

    The purpose of market research is to gather data on customers and potential customers. The collected data aids business decision making. This therefore reduces the risks involved in making these decisions. Marketing research can help a business Gain a more detailed understanding of consumers' needs - marketing research can help firms to discover consumers' opinions on a huge range of issues, e.g., views on products' prices, packaging, recent advertising campaigns…

    • 452 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Study Guide

    • 2158 Words
    • 9 Pages

    1. The form of organization for a business is not an important issue, as this decision has very little effect on the income and wealth of the firm 's owners. B. False…

    • 2158 Words
    • 9 Pages
    Good Essays
  • Satisfactory Essays

    Study Guide

    • 567 Words
    • 3 Pages

    1. The scientific study of behavior without reference to mental processes was of special interest to…

    • 567 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    O Once a business really gets going (in Year 2 or 3), doubling the size of the business each year is about the maximum a good CEO really can achieve. Even growth that fast (double every year) is extremely difficult to manage. Most successful businesses do not grow faster than 100% per year, nor do they need to.…

    • 1393 Words
    • 6 Pages
    Good Essays
  • Satisfactory Essays

    Need Help

    • 481 Words
    • 2 Pages

    Throughout my journey in Accounting for Non-Accounting majors I have crossed many thresholds to make me a stronger candidate to enter the business world. Beginning in Unit 1 I gained a lot of information on how important accounting is in a business. The first topic that I found beneficial for my knowledge in the business world is the different types and forms of a business. The objective for most businesses is to earn a profit. The three types of businesses operated for profit are service, merchandising, and manufacturing. A service business provides services over products to their customers. A merchandising business sells products that are purchased from other companies then which are passed on to their customers. A manufacturing business manufactures their own product which is then sold to their customers. Following the different types of businesses follows the four different forms. The four forms of a business are a proprietorship, partnership, corporation, and a limited liability company. The first key concept that is beneficial for my future is the accounting equation which is assets equal liabilities plus stockholders’ equity. The financial accounting system is also an important topic to keep in mind when entering the business world. This system consists of a set of rules for determining what, when, and the amount that should be recorded for economic event. It is also a framework when preparing the financial statements. Understanding the different financial statements is essential to the success of all businesses. They can be used as a roadmap to success for a business. The balance sheet provides a clear picture of a business’ financial position at any given time. It provides information pertaining to the assets and liabilities that belong with the business. At the end of the balance sheet the balance must equal out, if not an error has occurred. Liabilities and stockholders’ equity represent a…

    • 481 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Physical Chemistry

    • 1182 Words
    • 5 Pages

    110 Normal Points + 10 Bonus Points If you get 110 points out of 120 points, you will get the full 40% assigned to the midterm exam.…

    • 1182 Words
    • 5 Pages
    Good Essays