ACCT 100 – Exam #2

Coverage and Review Sheet

 

This exam covers the last components in the accounting cycle.  You should be familiar with the major steps involved in the accounting cycle, and be able to place the steps in the proper order.

 

Topics covered include journalizing, journal entries, the posting process and appropriate posting references, the general ledger, errors, the trial balance, adjustments, adjusting journal entries, completing the worksheet,  and closing entries. You should be very familiar with basic business transactions and how to record in a journal.  You should also be familiar with the terms and definitions.  (For example, a journal is a book of original entry.  The posting process is the process of transferring amounts from the journal to the ledger.)  You should be familiar with how to find and correct errors.  You should be VERY FAMILIAR with the adjusting entries and how to complete a worksheet.  (What the columns hold and how to balance it out.)  You should know how to journalize the four closing entries.  The mini-case problem was a GREAT PRACTICE for the test.  Hence, if you found yourself struggling and missing the journal entries, or if you had a lot of trouble completing the worksheet, or you were confused about the closing entries, then you are NOT READY FOR EXAM.

 

YOU NEED TO STUDY!  Prepare yourself and come ready and ON TIME to class on the day of the test. (That means 8:00 for my summer class!)

 

Set up of Test

There are 35  multiple choice/ true false questions worth 2 points each. (Don’t forget your Scan Tron.)  In addition you will choose THREE PROBLEMS out of four problems and complete on the working papers provided for the exam. (10 points each)  The problems are as follows:

 

 

You need to STUDY.  You also need to make sure you come prepared to class with your comprehensive problem completed and organized and ready to submit.   In addition, since the objective questions will make of 70% of this exam's score, I also strongly suggest you complete the publisher's (ungraded) quizzes on your website to maximize your study efforts.

 

Bring a calculator, a pencil and a Scan tron form and ARRIVE ON TIME.