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FMGT 1100 Accounting Level 1

Exam Prep. FMGT 1100 Accounting Level 1. Format. Multiple Choice (~50% of exam) Short answers (~50% of exam). How to practice multiple choice questions:.

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FMGT 1100 Accounting Level 1

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  1. Exam Prep FMGT 1100 Accounting Level 1

  2. Format • Multiple Choice (~50% of exam) • Short answers (~50% of exam)

  3. 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.

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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)

  10. 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

  11. Statement of Owner’s Equity

  12. Classified Balance Sheet

  13. Journalizing Periodic Entries

  14. Specific Unit | FIFO | Weighted Average

  15. Effects of Inventory Errors (P.314) • COGAS (Cost of Goods Available for Sale) • Ending Inventory • = COGS (Cost of Goods Sold) Sales Revenue -COGS = Gross Margin -Operating Expense = Net Income

  16. 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

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