Exam Sample
AIM 6330
Topics to know for Exam I
Chapter 1 – Environment and Theoretical Structure of Financial Accounting
• Know the basic objectives financial reporting and the basic elements of financial statement • Know the fundamental and enhancing qualitative characteristics of accounting information. • Know the assumptions, principles and constraints of accounting information and be able to identify when each is being illustrated in specific accounting contexts.
Chapter 2 – Review of the Accounting Process • Be able to prepare and/or answer questions related to journal entries, adjusting journal entries, and closing entries. • Be able to reconstruct an event or adjustment when information is missing or not given in chronological order. This may require using end of period information and cash receipt/disbursement information to reconstruct the event or adjustment needed.
Chapter 3 – The Balance Sheet
• Be able to prepare and/or answer questions related to a classified balance sheet in good form. • Know useful characteristics of the balance sheet and the limitations of the balance sheet.
Chapter 4 – The Income Statement and Statement of Cash Flows
• Know how to format an income statement when discontinued operations and extraordinary items are present. • Know when an item qualifies for discontinued operations and extraordinary item reporting. • Know how to report unusual or infrequent items on the income statement • Be able to do the income statement reporting of discontinued operations (when discontinued operations are sold in the reporting period and when they are held for sale, both with tax effects). • Be able to do the income statement reporting of extraordinary items (with tax effects). • Know how cash flows should be labeled on the statement of cash flows (operating, investing or financing) and be able to prepare a
Topics to know for Exam I
Chapter 1 – Environment and Theoretical Structure of Financial Accounting
• Know the basic objectives financial reporting and the basic elements of financial statement • Know the fundamental and enhancing qualitative characteristics of accounting information. • Know the assumptions, principles and constraints of accounting information and be able to identify when each is being illustrated in specific accounting contexts.
Chapter 2 – Review of the Accounting Process • Be able to prepare and/or answer questions related to journal entries, adjusting journal entries, and closing entries. • Be able to reconstruct an event or adjustment when information is missing or not given in chronological order. This may require using end of period information and cash receipt/disbursement information to reconstruct the event or adjustment needed.
Chapter 3 – The Balance Sheet
• Be able to prepare and/or answer questions related to a classified balance sheet in good form. • Know useful characteristics of the balance sheet and the limitations of the balance sheet.
Chapter 4 – The Income Statement and Statement of Cash Flows
• Know how to format an income statement when discontinued operations and extraordinary items are present. • Know when an item qualifies for discontinued operations and extraordinary item reporting. • Know how to report unusual or infrequent items on the income statement • Be able to do the income statement reporting of discontinued operations (when discontinued operations are sold in the reporting period and when they are held for sale, both with tax effects). • Be able to do the income statement reporting of extraordinary items (with tax effects). • Know how cash flows should be labeled on the statement of cash flows (operating, investing or financing) and be able to prepare a