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Multiple Choice

5 Multiple Choice @ 3 points each

Might give partial credit on MC, if you make an assumption / calculation write it down.

Other problems

4 problems that are about 20% each:

• Calculations / entries
• Presentation of information from financial statements

Study tools

Study homework from other classes (not so much today's hw, though)

What have we covered?

• Understand financial statements for 20 pt question
  • Statement of cash flows
    • Know indirect vs direct for Operating activities
    • Always a challenge on exams
  • Balance sheet
  • Income statement (20 pt)
• Adjusting entries (20 pt)
  • Students find this challenging, so many different kinds
• Discounting cash flows / time value of money (20 pt)
• Recognizing revenue (not a 20 pt question, probably MC)
• Conceptual framework - note the overview "busy" slide about GAAP (Probably MC)

Know what the committees do (wrote these quickly down):

• committee on accounting procedure
• financial accounting standards board
• security exchange commission

Professor will email you the correct solutions to problems in the book if you email him your attempted answers. Think about the topics that are covered from the syllabus