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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

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