Acct 1030 Foundations of Accounting FINAL Exam Review
Chapters 7 - 12
1. Total exam is out of 120 marks.
2. One question is 13 multiple choice questions worth 13 marks.
Questions come from chapters 7 to 12. Review online lab quizzes in the Review Lab Practice section within AME. You will need to know some ratios from chapter 12 for some questions as follows: quick ratio, debt to equity ratio, gross margin ratio, and inventory ratios (inventory turnover, and days on hand).
Also, slides from Chapter presentations showing multiple choice questions.
3. One question is Special Journals worth 12 marks.
Practice problem AP-6A page 446 to 448 is the best example. Also review Chapter 9 tutorials and PowerPoint presentation. Need to know how to do the Sales Journal and Cash Receipts Journal and post entries to the General Ledger accounts and the Accounts Receivable Subsidiary Ledger.
Practice problem from grey workbook on page 448. Problem AP-7A
4. One question is completing a Bank Reconciliation and the Journal Entries worth 15 marks.
Similar to Quiz 5 and practice problem in class.
You are given a General Ledger Cash account and a Bank Statement. You are asked to prepare the Bank Reconciliation and then the corresponding general journal entries. Review Chapter 10 PowerPoint presentation and tutorials. The practice problem in the grey workbook is on page 501 to 503. Problem AP-7A.
5. One question is Petty Cash journal entries worth 7 marks.
You are asked to prepare the general journal entries to establish the petty cash fund and to replenish it.
Similar to Quiz 5.
Practice problem in grey work book chapter 10, page 508 and 509, problem AP-11A.
6. One question is...