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Acct 2301 Exam 2 Study Guide Essays

ACCOUNTING EXAM 2 STUDY GUIDE Chapter 5 1. Know the following terms: merchandise inventory, sales, sales returns and allowances, sales discounts, net sales, cost of merchandise sold, gross profit, operating expenses, operating cycle, purchase discounts, purchase returns and allowances, FOB shipping point, FOB destination, and inventory shrinkage. 2. Be able to prepare a multiple step income statement. 3. Be able to prepare the journal entries for the seller and buyer including the payment of freight. Study EX 5-26 and 5-27. 4. Know how to interpret discount terms. . How are VISA and MasterCard sales recorded? 6. Know the journal entry for recording inventory shrinkage. 7. Know the journal entry for recording a sale when the seller collects the sales tax. Know the journal entry when the seller pays the taxing authority. 8. Know the effects of inventory errors. Chapter 6 1. Know the terms: illusory or phantom profit, lower-of-cost-or-market, inventory turnover, days? sales in inventory, and LIFO reserve. 2. Know how to compute the cost of ending inventory and the cost of merchandise sold using FIFO, LIFO, and average cost. . What is the cost of merchandise available for sale? 4. Know the effect on cost of ending inventory and cost of merchandise sold when using FIFO, LIFO, and average cost when prices are increasing. Which one, FIFO or LIFO, gives the higher cost of merchandise sold and which one the lower cost of merchandise sold and why? Which one, FIFO or LIFO, gives the higher cost of ending inventory and which one the lower cost of ending inventory and why? When using LIFO, what problem may arise when finding the cost of ending inventory? . Know how to compute inventory turnover and days? s sales in inventory. Chapter 7 1. Know the terms: internal control, bank reconciliation, deposit in transit, outstanding checks, petty cash, and cash over and short, 2. Know how to prepare a bank reconciliation and the adjusting journal entries. 3. Be able to prepare journal entries for the establishment of a petty cash fund and for the replenishment of the fund. ACCT 2301 Essay Questions ? Exam 2 1. Describe the multiple step income statement. 2.
Discuss the effects of using LIFO and FIFO during a period of rising prices on the income statement and balance sheet. Include the effects on cost of merchandise sold, net income and the ending inventory balance. What are the tax implications of using LIFO and FIFO during a period of rising prices? 3. Regarding bank reconciliations, discuss the reconciling items that result from timing differences. Write a paragraph that includes a topic sentence. Use complete sentences and observe the rules of capitalization, punctuation, and grammar.

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