Department of Accounting & Finance

Slides:

Advertisements

Similar presentations

Corporations: Stock Values, Dividends, Treasury Stock, and Retained Earnings Chapter 20.

Advertisements

Chapter 12. Account for stock dividends  Proportional distribution of corporation’s own stock to shareholders  Does not change total stockholders’

Part 3B: Equity, Dividends & Retained Earnings

C Chapter 13 Corporations: Income and Taxes, Stockholders’ Equity and Investments in Stocks.

McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

Assessing Business Performance Chapter 6. Structure of Balance Sheet Current assets$100 Other assets500 Total assets$600 Page 127.

Chapter 6 Inventories and Cost of Goods Sold. Gross Profit and Cost of Goods Sold An initial step in assessing profitability is gross profit (profit margin.

Financial Statement Analysis

Inventories – Chapter 6 Financial & Managerial Accounting, 8th Edition by Needles, Powers, Crosson.

Income Statement and Balance Sheet

© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater Corporations: Stock Values, Dividends, Treasury Stock,

Chapter Fourteen Accounting: Measuring how Efficiently and Effectively Resources Are Creating Value and Profit © 2007 The McGraw-Hill Companies, Inc.,

1 16. Understanding Accounting & Financial Statements.

C Learning Objectives 1. Nature of a Corporation 2. Stockholders’ Equity 3. Sources of Paid-in Capital 4. Issuing Stock 5. Treasury Stock Transactions.

Technology Entrepreneurship Entrepreneurs and The Business of Accounting, Finance and Economics.

Copyright ©2003 South-Western/Thomson Learning Chapter 3 Evaluation of Financial Performance.

Financial Information and Accounting Concepts

1. 2 Learning Outcomes Chapter 2 Describe the basic financial information that is produced by corporations and explain how the firm’s stakeholders use.

WEEK 12: ACCOUNTING CONCEPTS BUSN 102 – Özge Can.

Adjustments, Financial Statements, and the Quality of Earnings Chapter 4 McGraw-Hill/Irwin © 2009 The McGraw-Hill Companies, Inc.

HONORS ADVANCED ACCOUNTING 1 and 2  Explore Educational and Career Opportunities in Accounting  Review concepts learned in Principles of Accounting 1.

BSAD 221 Introductory Financial Accounting Donna Gunn, CA.

1 Chapter 2 Analysis of Financial Statements © 2007 Thomson/South-Western.

HFT 2403 EXAM 2 REVIEW.

Part 6 Financing the Enterprise © 2015 McGraw-Hill Education.

Using Financial Accounting Information: The Alternative to Debits and Credits, 6/e by Gary A. Porter and Curtis L. Norton Copyright © 2009 South-Western,

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Responsibility Accounting for a Merchandising Business.

PRINCIPLES OF FIANNCIAL ACCOUNTING CHAPTER 11. Characteristics of a Corporation Separate Legal Existence Limited liability Ease of transfer of ownership.

1 1. Describe the nature of the corporate form of organization. 2. Describe the two main sources of stockholders’ equity. 3. Describe and illustrate the.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 13-2 Financial Statements and Analysis.

College Accounting Heintz & Parry 20 th Edition. Chapter 21 Corporations: Taxes, Earnings, Distributions, and the Retained Earnings Statement.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 13-2 Financial Statements and Analysis.

Accounting 211 Financial and Managerial Accounting Teaching Assistant Hyun Jung (Joan) Lee.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 13-1 Work Sheet for a Corporation.

Adjustments, Financial Statements, and the Quality of Earnings Chapter 4 McGraw-Hill/Irwin © 2009 The McGraw-Hill Companies, Inc.

Financial Aspects of Marketing Management Marketing 6201 Chip Besio Cox School of Business.

Lecture 28. Chapter 17 Understanding the Principles of Accounting.

What financial statement uses net income (or net loss) taken directly from the income statement?

The Corporate Income Statement and the Statement of Stockholders' Equity 14.

Exam Prep. Format  Multiple Choice (~50% of exam)  Short answers (~50% of exam)

Exam 1 Review laube/acct301/default.htm.

McGraw-Hill/Irwin Copyright © 2005 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 19 Financial Statement Analysis.

HFT 2401 EXAM 2 REVIEW. Problems to Complete 1) A departmental income statement 2) A statement of retained earnings 3) A chart demonstrating where various.

ADJUSTED TRIAL BALANCE

13-1 Preview of Chapter 13 Financial and Managerial Accounting Weygandt Kimmel Kieso.

Chapter 3 Evaluation of Financial Performance © 2001 South-Western College Publishing.

The Total Costs Curve TOTAL COSTS FIXED COSTS Revenue $$$ SALES VOLUME BREAKEVEN VOLUME VARIABLE COSTS.

ACCT 212 Week 1 to 7 All Discussion Questions Check this A+ tutorial guideline at

ACC 561 Week 2 Assignment Practice Quiz 100%Correct To purchase this material click below link Assignment-Week-2-Practice-Quiz.

Preparing Closing Entries and a Post-Closing Trial Balance

© 2014 Cengage Learning. All Rights Reserved.

Financial Statement Analysis

LESSON 15-1 Preparing an Income Statement

Financial Statement Analysis

Financial Statement Analysis

ACCOUNTING FOR PARTNERSHIPS – PART 1

Because, Excellence is my Style!

Power Notes Chapter 13 Corporations: Income and Taxes,

Certified Healthcare Facility Manager

© 2014 Cengage Learning. All Rights Reserved.

Power Notes Chapter 9 Inventories Learning Objectives C9

Inventory Chapter 8 Why is accounting for inventory so important?

Extending Financial Statement Information on a Work Sheet

LESSON 15-1 Preparing an Income Statement

LESSON 15-1 Preparing an Income Statement

Financial Statements.

LESSON 8-2 Recording Closing Entries

LESSON 15-1 Preparing an Income Statement

Presentation transcript:

Department of Accounting & Finance Accounting Majors: Senior Assessment Exam Overview

Senior Assessment Exam Purpose Overall tool for improvement To assess the individual student Evaluate retention Graduation requirement To assess the Accounting program Highlight what we are doing well Highlight areas needing improvement Satisfy accreditation requirements for University

Senior Assessment Exam Design Coverage Required courses: Financial, managerial, tax & auditing Format Multiple choice, problems, essay Creator All of faculty contributed to test content

Senior Assessment Exam Schedule Date & Time SURF DAY, April 29, 2008, 8:00-10:30 am Where KOBC Room 242 Required Tools #2 pencils & basic calculator NO CELLPHONES Senior Survey Taken after the assessment exam-Room 201

Senior Assessment Exam Grade All of accounting faculty teaching 300-400 level classes grade portions of the test Usually takes two weeks to complete Exam score is part of Auditing class grade Only notification of your performance

Senior Assessment Exam Example #1 If a required unearned revenue adjustment had not been made, the financial statements would have been affected as follows: a. net income understated, assets overstated, liabilities unaffected, & OE overstated. b. net income overstated, assets unaffected, liabilities understated, & OE unaffected. c. net income understated, assets unaffected, liabilities overstated, & OE understated. d. net income overstated, assets overstated, liabilities overstated, & OE unaffected

Senior Assessment Exam Example #2 Land is acquired by issuing 500 shares of $20 par common stock. The land has a current market value of $12,000. The journal entry requires a: a. credit to paid-in capital in excess of par-common for $2,000. b. credit to common stock for $12,000. c. credit to paid-in capital in excess of par-common for $12,000. d. debit to land for $10,000.

Senior Assessment Exam Example #3 Which of the following is a characteristic of a contribution margin income statement? a. Contribution margin is identified as the difference between sales revenue & total expenses. b. The amount of gross margin is shown. c. When variable costs are less than sales revenue, there is a positive contribution margin. d. Variable & fixed expenses are combined into total expenses.

Senior Assessment Exam Example #4 Which of the following statements is false? a. LIFO is an acceptable costing method in virtually all countries. b. FIFO is an acceptable costing method in virtually all countries. c. Weight-average is an acceptable costing method in virtually all countries. d. Other countries are not bound by American tax laws or accounting practices.

Senior Assessment Exam Example #5 Which of the following is not an element of internal control? a. relying on internal and external audits b. separation of duties whenever possible c. assigning to one individual the responsibility for accounting for & custody of assets d. assigning responsibilities to individuals who have the authority to administer them

Senior Assessment Exam Example #6 Problems & essay question topics: Calculate net income or ratios using financial information Apply & discuss financial accounting concepts Apply & discuss how costs behave Discuss book vs. tax differences

Senior Assessment Exam Questions?