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Exam 1 Preparation Guide

1.Exam opens Thursday, September 17th at 12:30pm and closes Thursday, September 24th at 10:30am.

2.Exam is 150 minutes

3.You only have 1 try to complete the exam; once you start the exam, you must finish it (can't start and stop and go back to it)

4.33 questions (30 M/C / T/F (70 points); 3 problems (30 points)

5.Read the question carefully (know what the question is asking)

6.Study the PowerPoints

7.Study the Outlines (learning objectives)

8.Know the following formulas and how to apply them:

a.Assets = Liabilities + Stockholder's Equity (Balance Sheet Equation)

b.Stockholder's Equity = Common Stock + Retained Earnings

c.Beginning Retained Earnings + Net Income - Dividends = Ending Retained Earnings

d.Revenue - Expenses = Net Income (Income Statement Equation)

e.Cash flow from operating activities + cash flow from investing activities + cash flow from financing activities = Change in cash

f.Beginning cash + Change in cash = Ending Cash

9.Know the 4 financial statements (Chapter 1)

a.What is the purpose of each statement?

b.How people utilize the statements?

c.What are the components of each statement (i.e. common stock is the owner's investment in the business; debt is required to be repaid)?

10.Debit / Credit Framework (impact of debits and credits=debits on the left; credits on the right)

11.Journal entries and know how to record them

12.Set of transactions - what is the impact on total assets, current assets, noncurrent assets, total liabilities, current liabilities, and noncurrent liabilities, and stockholder's equity?

13.T-Account Analysis

14.Current Ratio Analysis = Current Assets / Current Liabilities

15.Net Profit Margin % = Net Income / Total Sales Revenues(amount earned per $ of revenue; reciprocal is the cost per $ of revenue)

16.Understand how to record journal entries related to revenue, when cash is received before, during and after the transaction.Be able to record journal entries for expenses, when cash is paid before, during and after the transaction.

17.5 Step Model for Recognizing Revenue (1) identify the contract; (2) identify the seller's performance obligation(s); (3) determine the transaction price; (4) allocate the transaction price to the performance obligation(s); (5) recognize revenue when (or as) each performance obligation is satisfied.

18.Timing of Revenue Recognition

19.Timing of Expense Recognition

20.Understand the difference between cash basis and accrual basis accounting.

21.3 Problems (1 from each chapter)

a.Chapter 1 -financial statement or fill in the blank with formulas (Review homework problem 1-4 (financial statements); 5 (statement of retained earnings), 6 (Formula chart for A=L+SE and R-E=NI)

b.Chapter 2 - Set of transactions; prepare journal entries and transaction analysis (impact on assets, liabilities, and stockholder's equity) - Homework Question 3 and 4

c.Chapter 3 - Journal entries (Homework Question 1 and 2)