1. EXAM REVIEW – Part One of MANY!
WOOHOO
WOOHOO
WOOHOO

2. Questions
Questions
Assets increase and Liabilities increase by the same amount, what is the overall effect on owner’s equity?
Leons lists its Managers as assets of the business on the balance sheet, what is the problem with this practice?
Journalize: Dec 31,02 – Mr Millar’s Movers’ moving truck is repaired by Jake’s Garage for $250. Mr. Millar pays $50 now, the rest will be paid in $30 days.
What is the Time Period Principal?

3. Questions Questions What is the Accrual Basis for Accounting?
What is the difference between a real and nominal account?
What is the difference between Periodic and Perpetual Inventory Systems?
What is the Formula for COGS?

4. Questions
Questions
20 units are purchased at $50 each, then 20 units are purchased at $60 each, if we sell 30 units, what is COGS using the FIFO method?
The prom budget is stored in an envelope, in an unlocked office, everyone has permission to take money from this fund to pay prom expenses. What is the problem?