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Date Submitted: 09/20/2014 07:38 PM
Accounting Principles-Financial Review Exam 1
Summer 2009
1. What is FASB responsible for?
2. What is the primary objective of financial reporting according to FASB?
3. Know the various principles of accounting…entity, cost, etc.
4. Same as 3.
5. Be able to identify assets.
6. If owners equity is x and total assets are y, then what are liabilities? Purchasing office equipment on account.
7. Know transactions affect on the accounting equation.
8. What transactions affect owners equity?
9. Similar to 6…cash investment by owner.
10. Owner investment of office furniture.
11. Know what is meant by normal balance.
12. I will give you accounts, and you tell me what their normal balances are.
13. Definitions…like journal, ledger, account, trial balance.
14. Know transactions and the debit and credit…like purchase of equipment with cash.
15. Similar to 14…purchase of equipment with a down payment.
16. Similar to 14…payment to a creditor.
17. Similar to 14…withdrawal by owner.
18. Similar to 14…purchase of a truck by signing a note.
19. Similar to 14…purchase of supplies on account.
20. Similar to 14…sending a bill to a customer for services rendered.
21. Know what the bases of accounting are.
22. I will describe a basis of accounting and you tell me which one it is.
23. Similar to 21.
24. Describe an accrual.
25. Describe a deferral.
26. What is the effect of failing to record an adjusting entry for depreciation.
27. Give me the adjusting entry of rent…Sept 1 to Dec 31.
28. Give me the adjusting entry for wages…5 day work week, payday on Friday, etc.
29. Give me the adjusting entry for supplies.
30. Give me t he adjusting entry for depreciation.
31. Know where Net Income is on the Worksheet.
32. Give me the adjustment for pre received funds in advance of earning process.
33. I will give you the column total for the DR and CR under the...