Acct301 Midterm Exam Study Guide

Essentials of Accounting - ACCT301 Midterm Exam Study Guide

The midterm exam consists of 25 multiple choice questions valued at 4 points each, 2 essay questions valued at 20 points each, and 1 computational problem valued at 25 points.  The questions found on your exam are selected randomly from a pool of questions but will represent topics from TCOs 1 through 7 and TCO 11.

Multiple choice questions are in a pool of 75 questions that represent each of the TCOs listed above and come from chapters 1 through 8 of the textbook. 

The essay and computational questions are pooled as well.  The essay questions will focus on topics from TCOs 4 and 11.  For the essay questions, prepare you answer in an easy to read manner using proper English and elaborating on the subject matter.

The computational problems focus on topics from TCO 5.  In the computational problem, make sure you show your computations (to earn partial credit) in a clear well thought out method. The computation requirements should easily be found in the textbook and only math errors would render the answer incorrect.  It is suggested that all computations are completed twice with a calculator.

You will have 3 hours to complete the exam. Be sure to save frequently, because when the time limit is reached you will be automatically exited from the exam.  Time management is critical to completing this exam.  It is suggested that the student complete the multiple choice questions from knowledge saving time to spend researching and computing the answers to essays and computational problems respectively.  Once complete, the student could then recheck the answers to the multiple choice questions.

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This study guide is designed to give you the content area to focus your study. Some of the key study areas are listed below (while these are key areas remember that the exam is comprehensive for all the assigned course content and this...