|
Components |
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Multiple
Choice, True/False, Matching
- 14 points |
| |
Be prepared for several objective
questions covering the concepts and terms in
chapters 10 and 11. |
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Comprehensive - 25 points |
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Be prepared to identify the
account type (asset, liability, etc.) and normal
balance (DR or CR) of various accounts introduced
throughout the text.
Be prepared to produce the three basic financial
statements (income statement, statement of owner's
equity, and balance sheet) at an elementary level. |
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Problems - 39
points |
| |
Be prepared to work the following
types of problems
- Calculate depreciation
using double-declining balance
- Determine bad debt expense
and journalize the entry for bad debt expense
using the Allowance Method using both the Income
Statement and Balance Sheet approaches
- Journalize entries
involving notes payable and calculate interest
- Calculate depreciation
using units-of-production
- Calculate depreciation
using straight-line method
- Calculate revised
depreciation
- Journalize adjusting
entries for depreciation
- Prepare a Payroll Register
determining tax deductions and calculating net
pay
- Prepare journal entries
for the disposal of plant assets
|
|
Are You Ready? |
| |
PTake the
Interactive Quizzes provided by McGraw-Hill on the
Text Website. Work these quizzes until the
quiz score reflects your desired test grade. |
| |
|
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PWork the review problems in
Connect under the 10-11 Review heading.
If you successfully complete this review, it may be
used as a bonus homework grade but is not required
work.
PWork the
following problems without your text or notes.
Check your answers against the
B Problem Solutions. |
| |
- 10-3B
- 10-5B
- 11-1B
- 4-3B (comprehensive material
- financial statements)
NOTE: Exams are
intended to assess your assimilation of the
information covered in each unit, not your ability
to present memorized data. Therefore, while
the problems listed above are good study references,
the problems on the exam will require application of
the skills used to produce solutions to the
suggested problems. Do not expect exact
replicas of homework problems. Be prepared to apply
problem solving and critical thinking skills to
complete both objective and problem questions on
this exam. |
The following Objectives will be Assessed on Test 4: |
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Chapter 10 |
| |
- Describe plant assets and issues in accounting for
them
- Explain depreciation and the factors affecting its
computation
- Explain depreciation for partial years and changes in
estimates
- Compare and analyze alternative depreciation methods
- Apply the cost principle to compute the cost of plant
assets
- Compute and record depreciation using the
straight-line, units-of-production, and declining-balance methods
- Distinguish between revenue and capital expenditures,
and account for them
- Account for asset disposal through discarding,
selling, and exchanging an asset
- Account for natural resource assets and their
depletion
- Account for intangible assets
|
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Chapter 11 |
| |
- Describe current and long-term liabilities and their
characteristics
- Identify and describe known current liabilities
- Explain how to account for contingent liabilities
- Prepare entries to account for short-term notes
payable
- Compute and record employee payroll deductions and
liabilities
- Account for estimated liabilities, including
warranties and bonuses
|