1. Who sets accounting standards in the US? 2. Materiality... 3. Beginning and ending balance, find the fourth item. (insurance expenses/prepaid expenses) 4. Faithful representation 5. Retained earnings, what is it? How does it behave? 6. What are gains? 7. How to calculate operating cash flow? 8. Accrual & cash basis (differences) 9. What accounts are temporary/permanent? 10. Potential benefits of accrual basis 11. Journal entry to adjust for prepaid insurance 12. How do you determine retained earnings at the end of year? 13. Prepaid insurance beg & end, what is the expense? 14. Replace insurance with supplies, ending balance 15. What is the purpose of closing journal entries? 16. What does activity ratio measures? 17. 4 different kinds of auditor opinions 18. What adjusting entry for accrual for interest receivable on note? 19. Accounts, which accounts are assets or liabilities, current or non-current? 20. Balance of current liabilities? 21. Balance of current assets? 22. How do you report land value? at what value 23. Rent collected in advance. 24. Management discussion analysis (mdna)? 25. Which of the following items are in operating income? 26. Unearned revenue, deferred revenue? 27. Difference between non-operating and operating income? 28. What does balance sheet report? 29. What is the benefit of reporting discontinued operations separately? 30. How to calculate operating cash under direct method? 31. Data, calculate comprehensive income? 32. What goes into investing