1. What type of account is Accounts Payable? What type of balance does it carry?
2. How is drawing classified/what type of balance does it carry?
3. What is Accumulated Depreciation? Where is it found? What kind of balance does it carry?
4. What is unearned fees? Where is found?
5. What order should the financial statements be prepared in?

1. Income Statement
2. Statement of Owners Equity
3. Balance Sheet

6. Be able to calculate current assets.
7. What is the basic structure of the income statement?
8. How does a classified balance show assets? liabilities?
9. If you write a check for $400, but record it as $500, how would you account for this error on the bank reconciliation?
10. If a bank issues you a debit memo for bank service charges, would you add or deduct this fee from the book balance?
11. If cash sales of $2,000 were incorrectly recorded as $1,200, how would you account for the missing $800 on the bank reconciliation?
12. How would Deposits in Transit be shown on the bank reconciliation?
13. How would outstanding checks be shown on the bank reconcilation?
14. FIFO when merchandise is sold in the order it was purchased (think milk in a grocery store)
15. LIFO assigns the most recent costs to COGS because you just sold the most recent inventory that arrived
16. Be able to calculate a FIFO scenario
17. Be able to calculate a LIFO scenario
18. Be able to calculate a weighted average scenario
19. When purchasing equipment, what costs should be included in acquisition(depreciable) cost of the new asset?
20. If an asset you purchased has a residual value, you must SUBTRACT that amount from the original cost to arrive at depreciable cost. If a question asks you to calculate S/L depreciation, then you DO NOT Need to worry about how many hours the equipment is used for.
21. To calculate monthly depreciation:

(Cost-Residual Value)/Useful Life= x, x/12 will give you monthly depreciation

22. Be able to journalize a monthly depreciation entry.