ECOA 181 Exam 2 Review Sheet
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | To prepare the general ledger accounts to start accumulating accounting activity for the next period.
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| show | Temporary accounts-accumulate information for a time period, like income statement and dividend accounts.
Permanent accounts-relate to future periods like balance sheet accounts.
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| What is the post closing trial balance and what is its purpose? | show 🗑
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| show | Analyze, journalize, post to ledger, trial balance, journalize and post adjusting entries, adjusted trial balance, financial statements, journalize and post closing entries, and post closing trial balance.
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| show | Correting entries are avoidable which minimizes the likelihood of errors occuring and if the error is found, you can correct it immediately. While Adjusting entries are a required part of the acct'g cycle and are prepared just before financial statements.
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| show | Presents a snapshot of a company's financial position at a point in time.To improve users' understanding of a company's financial position, similar assets and similar liabilities are grouped together on the balance sheet.
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| show | Assets- Current assets, long-term investments, property, plant and equipment, intangible assets.
Liabilities and stockholder's equity- Current liabilities, long-term liabilities, and stockholders' equity.
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| show | The Operating Cycle of a business is the length of time between the cash outflow on purchased material and cash inflow from the sale of goods.
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| Identify and explain the differences in periodic and perpetual inventory systems. | show 🗑
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| show | Free on board shipping. Free to seller. Buyer pays.
Free on Board Destination. Free to the buyer. Seller is paying.
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| show | Single step; (Revenues-Expenses=Net income)
Multi-step; Several steps involved in calculating net income. Distinguishes operating income from non operating income.
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| show | Operating expenses are the expenses incurred in the process of earning sales revenue.
Nonoperating expenses are expenses incurred that is not part of the company's main line of operations.
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| Explain the computation and the importance of gross profit and the gross profit rate. | show 🗑
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| Identify and define the different classifications of inventory: merchandise inventory, raw materials, work in process and finished goods. | show 🗑
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| Describe the steps in determining inventory quatities. | show 🗑
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| show | FOB Shipping point and FOB Destination.
FOB Shipping- buyer pays freight-title transfers at shipping point.
FOB Destination-seller pays freight-title transfers at destination point.
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| show | Exclude other entity inventory held in your warehouse, including your inventory held at another entity.
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| show | To evaluate three characteristics of an economic entity: Liquidity, Profitability, and Solvency.
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| Identify and define the three bases of comparison: Intracompany, Industry and Intercompany. | show 🗑
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| show | Horizontal-look at financial items across time (2 time periods) (CY-PY)/PY)=%Change
Vertical-look at financial items withing one year, each BS items is divided by total assets, each income statement item is divided by net sales. Ratio-relationship
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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