lOMoARcPSD|25973474
Test Review Exam 1- accounting
Foundations of Financial and Managerial Accounting
, lOMoARcPSD|25973474
ACCT 2101
Exam 1 – Test Review
I try to include everything I can think of in your test review but please understand
that anything I have touched on is fair game for the test. You will never be tested on
something that is not in your lecture notes or that I have not talked about in one of
my lectures. I don’t test a lot with definitions – my tests are more practice based. If
you can do a journal entry then I know that you understand the normal balance of
accounts and what each account is used for. Every now and then you may have a
definition based multiple choice or true/false question.
Your exam is 32 multiple choice, 3 true/false and 2 matching problems. You
will have 90 minutes to complete.
For the matching problems:
Matching Problem #1: I will give you a list of accounts and you will need to
identify the type of account it is (asset, liability, Equity, revenue or expense).
Matching Problem #2: I will give you a list of items and you will need to identify
whether that item is found on the income statement or the balance sheet.
Chapter 1
Difference between managerial and financial accounting. -
financial accounting: Area of accounting that serves external users
o EXTERNAL USERS: Users that do not directly run the business.
Investors (shareholders/owners)
Creditors (entities the business owes money
to) Boards of Directors
Government regulators (IRS, NC Dept of
Revenue) Customers
Suppliers
Non-executive employees
Accounting information is communicated through: general
purpose financial statements subject to rules and concepts
called generally accepted accounting principles (GAAP).
- managerial accounting: Area of accounting that serves internal users
Test Review Exam 1- accounting
Foundations of Financial and Managerial Accounting
, lOMoARcPSD|25973474
ACCT 2101
Exam 1 – Test Review
I try to include everything I can think of in your test review but please understand
that anything I have touched on is fair game for the test. You will never be tested on
something that is not in your lecture notes or that I have not talked about in one of
my lectures. I don’t test a lot with definitions – my tests are more practice based. If
you can do a journal entry then I know that you understand the normal balance of
accounts and what each account is used for. Every now and then you may have a
definition based multiple choice or true/false question.
Your exam is 32 multiple choice, 3 true/false and 2 matching problems. You
will have 90 minutes to complete.
For the matching problems:
Matching Problem #1: I will give you a list of accounts and you will need to
identify the type of account it is (asset, liability, Equity, revenue or expense).
Matching Problem #2: I will give you a list of items and you will need to identify
whether that item is found on the income statement or the balance sheet.
Chapter 1
Difference between managerial and financial accounting. -
financial accounting: Area of accounting that serves external users
o EXTERNAL USERS: Users that do not directly run the business.
Investors (shareholders/owners)
Creditors (entities the business owes money
to) Boards of Directors
Government regulators (IRS, NC Dept of
Revenue) Customers
Suppliers
Non-executive employees
Accounting information is communicated through: general
purpose financial statements subject to rules and concepts
called generally accepted accounting principles (GAAP).
- managerial accounting: Area of accounting that serves internal users
