EXAM 3 for 7, 8, and 9
1. T/F Allowance Method of Accounting for uncollectible accounts (Chapter 7) Asset
exchange
2. T/F Contingent question about liability
3. T/F Recovery of a previously written off account
4. T/F Percent of receivables method of uncollectible accounts
5. T/F Aging of Accounts receivable method
6. T/F Carrying value of an asset
7. T/F Direct write off method
8. T/F Difference between Depreciation, amortization, and depletion
9. T/F Depletion
10. T/F Amortization
11. T/F Gain or Loss
12. T/F Unemployment Tax acronym FICA (Notes on Slide 9-30)
13. T/F Current Ratio
14. T/F Warranty Expense
15. T/F Going Concern Assumption
Multiple Choice
16. Calculate Interest Expense
17. Know what Intangible Assets are
18. Depreciation
19. Calculate the cost of an asset (add up any intermediate costs to sum up the total cost for
an asset: shipping and handling and prepping)
20. Calculate Full Depreciation
21. Notes Payable and Payee (Know all the different names for people on both sides of
transaction)
22. Calculate Goodwill (Chapter 8 slide 51)
23. Interest Revenue (company giving loan gets interest revenue; those paying has interest
expense)
24. Calculate FICA (what goes out in income taxes for SS and medicare)
25. Calculate Receivables question: earn some money but believe some was not collected
(uncollectible receivables)
26. Notes Payable opposite of Q 21
27. Current Ratio
28. what is included in the cost of an asset
29. sales tax problem (9-3)
30. Calculate depreciation using units of production method
31. FICA information (on slides)
32. Asset are arranged in order of liquidity (how quickly they can be turned into cash)
33. Warranty Obligation (in slides)
34. Gain or loss on an asset (asset, salvage value, depreciation)
35. Comes from Q 34 Journal Entry
36. Comes from Q 34 Journal Entry
37. Comes from Q 34 Financial Statement
38. Depreciation MACRS, Units of Production, Straight line, Double-declining methods of
depreciation
39. Understand journal entry associated w/ Sales tax
40. Direct write off method
These are the answers for 41
41. Average number of days to collect accounts receivable
 Operating Cycle (Chp. 7 slide 43)
 Inventory Turnover (365/Accounts Receivable Turnover)
 Accounts Receivable turnover (Chp. 7 Slide 41)
42. Workout for uncollectible accounts balance in Year 2
43. Calculate depletion
44. Current Assets and Current Liabilities
Straight workout problems
45. Journal Entry for credit card payment (7-14)
46. Bought something and had to allocate price for each cost
47. Calculate FICA for Journal entry (know Accounts titles) (Chapter 9-29)
48. Understand difference between depreciation, amortization, and depletion (journal
entry)
49. Warranty Expense Journal Entry (know account titles and amounts for warranty) (Chp 9
slide 18)
50. Using the percent of revenue method (8 events – know all account titles) one event has
a part a and b (7-7A)
51. MACRS problem
52. Calculate numbers and make journal entry for Sales Tax problem (know titles) (9-3)
53. Use straight line, double declining, and units of production depreciation method
54. Allowance for doubtful accounts method (aging schedule); also asks for amounts for
journal entry
BONUS: Deals with ratios