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Exam Prep. FMGT 1100 Accounting Level 1. Format. Multiple Choice (~50% of exam) Short answers (~50% of exam). How to practice multiple choice questions:. - PowerPoint PPT Presentation
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FMGT 1100 ACCOUNTING LEVEL 1
Exam Prep
Format
Multiple Choice (~50% of exam) Short answers (~50% of exam)
How to practice multiple choice questions:
Tracy Oh (The most awesome accounting instructor) has provided us with 10 practice multiple choice questions from each chapter. Here is how to access it:
Go to shareout Click on FMGT1100 Click on Traceyoh Download Finalpractice folder to your computer.
I would highly suggest doing these questions, because some of them may be on the final. This is the best way to get an idea of how they are going to ask you m/c questions on the final.
Sample Chapter 3 M/C
On September 1, 2010, Two Sisters Company pays $36,000 cash for six months' rent. The balance in prepaid rent on December 31, 2010, after adjustment, would be:
A) $6,000 B) $24,000 C) $12,000 D) $0
Sample Chapter 4
The owner's capital account has a January 1, 2010, balance of $59,000. The owner's withdrawals account has a balance of $25,600 for the year ending December 31, 2010. The income summary account contains a debit for $20,500 and a credit for $56,900. The balance in the owner's capital account on December 31, 2010, is:
A) $69,800 B) $10,800 C) $95,400 D) $90,300
Sample Chapter 5
A company makes a purchase of $2,000 of inventory, subject to credit terms of 3/10 n/45 and returns $500 of inventory prior to payment. What is the amount of the payment assuming payment is made within the discount period?
A) $1,500 B) $1,455 C) $1,440 D) $1,560
Sample Chapter 6
Refer to Table 6-1. Assume a periodic inventory system. Under the weighted-average method, cost of goods sold on the income statement would be:
A) $396 B) $294 C) $389 D) $420
Sample Chapter 7
The three stages of data processing are:
A) inputs, outputs, and processing B) source documents, processing,
and decision making C) processing, reports, and decision
making D) inputs, decision making, and
outputs
What I think will be on short answer portion
Statement of Owner’s Equity Classified Balance Sheet Journalizing PERIODIC transactions FIFO, Moving Weighted Average
(myaccountinglab #6, E 6.9 ) Sales and Purchasing Journal Entries
(myaccountinglab #7, P7-1A)
Concepts you should know
P 5-14A Adjusting and closing – periodic
P5-15A Classified Balance Sheet – report
E6-9 Computing ending inventory – periodic
E6-11 Effects of income E6-14 Inventory errors E6-18 Gross margin method E6-19 Retail Method P7-1A Using journals and subsidiary
ledgers
Statement of Owner’s Equity
Classified Balance Sheet
Journalizing Periodic Entries
Specific Unit | FIFO | Weighted Average
Effects of Inventory Errors (P.314)
Period 1 Period 2Inventory Error
Cost of GoodsSold
Gross Margin and Net Income
Cost of Goods Sold
Gross MarginAnd Net Income
Period 1 ending inventory is overstated
Understated
Overstated
Overstated
Understated
Period 1 ending inventory is understated
Overstated
Understated
Understated
Overstated
COGAS (Cost of Goods Available for Sale)-Ending Inventory= COGS (Cost of Goods Sold)
Sales Revenue-COGS= Gross Margin-Operating Expense= Net Income
What more can you do?
Do the practice final (solutions are in shareout)
Review all questions assigned for homework
Also in TraceyOh’s folder are study guides for each chapter