HFT 2401 Exam 3 Review
Exam will cover: Chapter 8 – Cash & Internal Controls Chapter 9 – Receivables & Payables Chapter 10 – Inventory Chapter 11 – Assets & Depreciation Chapter 12 – Liabilities & Payroll
Chapter 8 – Cash & Internal Control Vocabulary Samples Imprest account Steps to a bank reconciliation Purchase discounts Problem Bank Reconciliation
Chapter 9 – Receivables Vocabulary samples Trade receivables Discounting / Factoring Problem Cash flow projections
Chapter 10 - Inventory Vocabulary samples FIFO,LIFO,Perpetual,Periodic Effect on profit from calculation errors LIFO vs. FIFO in an inflationary climate FOB destination vs. FOB shipping Problem Inventory valuation (quiz 4)
Chapter 11 – Assets & Depreciation Vocabulary samples Revenue vs. capital outlay What is / is not included in the purchase price of an asset Intangible assets Franchise Trademark Patent Goodwill Copyright Problem – Depreciation
Chapter 12 Liabilities & Payroll Vocabulary Loss contingency Expected to happen – accrue estimate Contingent liability May happen – no accrual – make note
Other items Scantron (brown form 2052) Pencils Formula sheet will be provided Calculator