ACCT 3110-001: Intermediate Financial 1 Fall Semester 2020 Exam 1 Study Guide Exam format: The exam consists of a total of 50 multiple choice questions worth 2 points each over chapters 1, 3, and 4. Total points: 100 Exam 1 location: Exam 1 is available through the Exam 1 Learning Module link on Blackboard. Availability period: Exam 1 is available until 11:00pm, Saturday, September 19. Time limit: 60 minutes (if started by 10:00pm, Saturday, September 19). Attempts allowed: 1 Respondus Lockdown Browser: o o o o o Log onto Blackboard with Respondus LockDown Browser when you are ready to take your exam. After entering our class Blackboard site, go to the Exam 1 Learning Module to access the exam. We are using Respondus lockdown browser with web cam. Instructions for using Respondus lockdown browser with web cam are posted to the Exam 1 Learning Module. Do not log onto Blackboard to access Exam 1 using a browser other than Respondus. Web Cam Notice: o o If there is no video evidence of your exam, you will receive a zero for the exam. If any portion of your exam is not captured on video, you will receive a grade of zero for the exam. Open Book / Open Notes Policy: o o o The exam is open book / open notes. However, students should prepare for the exam as if it were a closed-book exam. The open book / open note option should only be used as a last resort and only at most to help with answering a few questions. If a student’s game plan for the exam is to look up almost every answer, then it is highly unlikely that the exam will be completed within the time constraint. To access the e-text and other materials from our class Blackboard site during the exam, students will need an additional device to do so. No Backtracking Policy: Students are prohibited from revisiting previously answered questions or any skipped questions. Grade Release Policy: Exam grades will be released Sunday morning, September 20. Exam Nondisclosure Policy: Students cannot access their submitted exam on their own for review purposes. Ground rules: o o o o o o o o Exam 1 is an individual event and not a group effort. Giving and/or receiving information about the Exam 1 is an act of academic dishonesty. Copying, pasting, printing Exam 1 questions is an act of academic dishonesty. Taking screen shots and/or photos of Exam 1 questions is an act of academic dishonesty. Exam 1 must be completed in one sitting. Once students have submitted Exam 1, access to Exam 1 will end. Any missed exam will be assigned a grade of zero. Please see the Late Work Policy on page 2 of the class syllabus. Exam Topics: Exam 1 questions are based on the textbook learning objectives listed below. CHAPTER 1: Environment and Theoretical Structure of Accounting (17 questions) o o o o o o o Learning objective 1-1: Describe the function and primary focus of financial accounting. Learning objective 1-2: Explain the difference between cash and accrual accounting. Learning objective 1-3: Define generally accepted accounting principles (GAAP) and discuss the historical development of accounting standards, including convergence between U.S. and international standards. Learning objective 1-6: Explain the purpose of the conceptual framework. Learning objective 1-7: Identify the objective and qualitative characteristics of financial reporting information and the elements of the financial statements. Learning objective 1-8: Describe the four basic assumptions underlying GAAP. Learning objective 1-9: Describe the recognition, measurement, and disclosure concepts that guide accounting practice. CHAPTER 3: The Balance Sheet and Financial Disclosures (16 questions) o o o o o Learning objective 3-1: limitations. Learning objective 3-2: Learning objective 3-3: Learning objective 3-4: Learning objective 3-6: Describe the purpose of the balance sheet and understand its usefulness and Identify and describe the various asset classifications. Identify and describe the various liability and shareholders' equity classifications. Explain the purpose of financial statement disclosures. Explain the purpose of an audit and describe the content of the audit report. CHAPTER 4: Income Statement, Comprehensive Income, and the Statement of Cash Flows (17 questions) o o o o o o Learning objective 4-1: Discuss the importance of income from continuing operations and describe its components. Learning objective 4-3: Discuss the components of operating and nonoperating income and their relationship to earnings quality. Learning objective 4-4: Define what constitutes discontinued operating and describe the appropriate income statement presentation for these transactions. Learning objective 4-6: Explain the difference between net income and comprehensive income sand how we report components of the difference. Learning objective 4-7: Describe the purpose of the statement of cash flows. Learning objective 4-8: Identify and describe the various classifications of cash flows presented in a statement of cash flows.