ACCOUNTING 2101 REVIEW SHEET CHAPTERS 5 6 8 9 NOT INTENDED TO BE ALL INCLUSIVE LIST OF EXAM TOPICS CHAPTER 5 CHAPTER 6 Know the difference between a merchandiser and a service company Understand a discount and calc amount of discount Prepare a multi step income statement comprehensive income statement Rules about what is and is not included in inventory example FOB Destination Determine ending inventory and cost of goods sold using WEIGHTED AVERAGE FIFO LIFO Lower of Cost or NRV about valuing inventory Inventory Turnover Ratio CHAPTER 7 Terminology Internal Controls for Cash Bank Reconciliations Cash Budget Cash Collections Budget CHAPTER 8 Credit Card Factors Trade Receivables Identify the three types of receivables Returns and Discounts impact on payment received Interest formula calculation Accounts Receivable Turnover Ratio Calculate Cash Realizable Value Be prepared to do Estimate of bad debt using an aging schedule Actual Write off Reversal of actual write off Be able to determine gain loss on disposition journal entry CHAPTER 9 Define depreciation Determine an asset s cost Determine book value Calculate depreciation using Straight Line Units of Activity Double Declining Balance Revising depreciation
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