Accountancy final exam guide

TCO 3 At the end of the period it is necessary to close all temporary accounts. TCO 2 As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle.

Accountancy final exam guide

Read the section on Internal Control pg and be prepared to answer some multiple choice questions over this. Pay specific attention to the following: Define the term cash and cash equivalents. Explain the purpose of a bank reconciliation and be able to work through the additions and subtractions necessary to perform a bank reconciliation.

Also, be able to make the journal entries necessary for a bank reconciliation. Review the basics of Petty Cash Funds including setting one up, and reimbursing the fund. Define the meaning of Notes Receivable and explain how it gets on a company's books.

Explain the difference between the allowance method for uncollectible accounts and the direct charge-off method. Explain how accounts receivable and the allowance for uncollectible accounts are disclosed on the balance sheet.

Accountancy final exam guide

Estimation of Uncollectible Account Expense The end-of-the-year adjusting entry using both approaches include impact on the accounting equation The meaning of and how to deal with end-of-the-year debit or credit balances before adjustment in the allowance account Computation of end-of-the-year Allowance Balances and Net Accounts Receivables balance using both approaches.

Show the journal entry to write-off accounts using the Allowance Method under each approach including impact on financial position.

Explain why the two different methods for estimating uncollectible accounts expense yield different results. Be able to compute the following as it relates to notes receivable: Explain how dishonored notes should be handled.

Define factoring and explain the difference between factoring with recourse and factoring without recourse. What is a contingent liability and how might it arise in relation to factoring? Study the review problem and homework problems listed below.

Likely test question for problems: P1, P5, and review problem. Identify the characteristics of a long-term asset. Identify the classifications of long-term assets and identify the type of cost allocation appropriate for each type of long-term asset.

Discuss the general approach to acquisition cost. Identify the differences and the various types of acquisition costs related to land, land improvements, buildings, leasehold improvements, equipment, and group purchases. Compute acquisition cost for a group purchase. Discuss the following factors in computing depreciation: Show the basic journal entry for depreciation.

Accountancy final exam guide

Identify the three different methods presented in the book for computing depreciation. Discuss the difference between the three methods and be able to work a problem using each method.

Be able to set up a basic depreciation schedule, defining each element of the schedule cost, annual depreciation, accumulated depreciation, and carrying value. Explain the concept of group depreciation. Explain the concept of depreciating for partial years and how this works. Explain the concept of revising depreciation rates and how this works.

Show the journal entries for discarding of plant assets and selling plant assets for cash no gains or losses, loss on sale, and gain on sale. Explain accounting for natural resources and do the following: Show the basic journal entry for amortizing intangible assets. Explain how research and development costs are treated.

Explain the term goodwill including how it is handled for accounting purposes. Likely test question s for problems: E5 for all 5 years for each approach; miles driven:DOWNLOADACC Final Exam 1) What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information?

2) At the end of the year, manufacturing overhead has been over applied. What occurred to create this situation?3) Luca Company over applied manufacturing overhead during 1 Grade 9 Top Accounting Exam Marks – Minutes Instructions: 1.

Answer all the questions on the answer sheets provided. 2. Please write in ink and answers must be neat and systematic. Exam Candidates / Exam Requirements Each applicant must provide the Board with a final official transcript that clearly indicates the applicant has earned a baccalaureate or master's degree with a concentration in accounting, and the date the degree was conferred.

CPA Exam Final Review

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CBSE Sample Papers for Class 11 Accountancy