Final Exam Review Session -> BB319, Friday, Dec.

8th @ 10 – 11:50 am

ACCT 1110 ~ Final Exam Study Guide

REVIEW section at the end of each chapter in your textbook!

#1 ~ Manually complete the “Check Your Understanding” problems

(solutions immediately follow) !

#2 ~ Answer the multiple choice “Quick Check” questions (solutions at end) !

#3 ~ Review the “Things You Should Know” and the “Key Terms.”

STUDY PLAN in MyAccountingLab!

Practice and then “Quiz Me” for the core competencies listed below!

MULTIMEDIA LIBRARY in MyAccountingLab!

Watch “Demo Docs” and “Videos” for the core competencies listed below!

ACCT 1110 Core Competencies

1. Prepare the Income Statement, Statement of Equity, and Balance Sheet financial statements
from given information.
2. Record business transactions for both service and merchandising companies.
3. Record adjusting journal entries for both service and merchandising companies.
4. Prepare closing entries for both service and merchandising companies.
5. Explain and apply introductory accounting principles.
6. Account for inventory, including determining the cost of ending inventory and cost of goods sold
under various methods.
7. Account for receivables, including calculating uncollectible amounts under various methods.
8. Calculate interest and record related journal entries for short-term receivables (lender) and
payables (borrower).
9. Calculate and interpret basic financial statement ratios.
10. Prepare and use a bank reconciliation.

Chapter Exclusions
Remember to exclude from your studying the following learning objectives as they were
excluded from the course:
Ch 3: LO6 worksheet and LO7 alternative adjusting
Ch 4: LO2 worksheet and LO7 reversing entries
Ch 5: LO7 multiple performance obligations and LO8 periodic method
Ch 6: LO7 periodic method
Ch 8: LO4 petty cash transactions
Ch 11: LO2 payroll transactions and LO3 exclude all, except Warranties=included!

Study hard! You can do it!