ACCT 101 – Final Exam
Choose EIGHT PROBLEMS from the following. You must SHOW
COMPLETE COMPUTATIONS and SOLUTIONS and ALL WORK MUST BE
LABELED. You have two hours to complete the exam. That means an
average of 15 minutes per problem. NO TIME EXTENSIONS WILL BE
GIVEN:
1. Account ID – (First ½ of semester) Type, Normal Balance, and Financial
Statement
2. JE’s for basic transactions (first 4 chapters.)
3. Set of Financial Statements: Income Statement, Statement of Retained
Earnings, Balance Sheet
4. Adjusting Journal Entries for a merchandiser
5. Buy and sell – Basic merchandising JE’s
6. Costing Inventory using alternative methods: (Computation of ending
inventory and COGS)
7. Estimating Inventory using either gross profit or retail method
8. Bank Reconciliation
9. Accounts Receivable: AJE’s and NRV, presentation on Balance Sheet –
various methods
10.JE’s for basic Note Receivable transactions
11.Computing depreciation using alternative methods
12.Disposals of Assets- bring dep’n up to date, then record gain or loss, JE’s
13.Notes Payable: Basics (due date and maturity value) and basic JE’s
14.Payroll: Computation of employEE and employER taxes and Journal Entries
(two)
15.Bonds: Basics – computations and JE’s
16.Notes – amortization table
17.Allocating Dividends to Preferred and Common Shares (Cumulative and
non-cumulative)
18.Basic Stock Transactions – including treasury stock
19.Preparation of an Operating Section of a statement of cash flows
20.ACCT ID (Last half of chapter)