Essay on Exam Study

Submitted By pewpew00
Words: 3068
Pages: 13

Topics to know for Exam III
Chapter 8 – Inventories: Cost Measurement and Flow Assumptions * Dollar-value LIFO
Chapter 9 – Inventories: Special Valuation Issues * Determining inventory value using Lower of Cost-or-Market * Purchase Commitments * Gross Profit Method of estimating inventory. * Retail Inventory Method of estimating inventory (Average Cost, FIFO, and LIFO). * Inventory errors. Chapter 10 – Property, Plant and Equipment: Acquisition and Disposal * Types of costs capitalized to PP&E. * Accounting for Lump Sum Purchases of PP&E (Basket purchases). * PP&E acquisition on credit (Deferred payment). * Donated assets. * Acquisition of PP&E through exchange. * Accounting for self-constructed assets. * Costs after acquisition (Additions, Improvements and Replacements, Rearrangements and Moving, and Repairs and Maintenance). * Disposal of PP&E. * Measuring PP&E efficiency Chapter 11 – Depreciation and Depletion * Calculating and recording depreciation expense under straight-line, sum-of-years’-digits, declining balance, and units-of-production methods. * Calculating and recording partial year depreciation expense under the all of the above methods. * Calculating and recording depreciation expense using group and composite depreciation methods * Impairment of PP&E * Accounting for changes in estimates * Calculating and recording depletion for natural resources
Chapter 12 – Intangibles * Recording intangibles: Purchased Identifiable, Purchased Unidentifiable, Internally Developed Identifiable, Internally Developed Unidentifiable * Calculating and recording amortization expense for intangible assets (including partial year amortization) * Accounting for R&D costs: which costs to capitalize and which costs to expense * Software development costs: which costs to capitalize, which costs to expense and how to amortize capitalized costs * Impairment on intangible assets
Chapter 13 – Current Liabilities and Contingencies (Contingent on coverage on Tuesday) * Accounting for Dividends Payable * Accounting for Compensated Absences * Accounting for Sales and Use Taxes * Accounting for Payroll Taxes and Deductions * Accounting for Warranty Obligations * Accounting for Premiums * Know the appropriate accounting treatments for loss contingencies based on the likelihood of the loss and the ability to estimate the amount of the potential * Know the appropriate reporting of gain contingencies

ACCT 311
Intermediate Accounting I

SAMPLE EXAM III

NAME_____________________________________________

Question | Topic | Total PointsAssigned | YourPoints | I | Multiple choice | 26 | | II | Interest Capitalization | 25 | | III | Depreciation Methods | 25 | | IV | Amortization of Intangibles | 25 | | V | Contingencies | 24 | | VI | Retail Inventory Method | 25 | | TOTAL | | 150 | |

PLEASE NOTE:

1. This examination consists of 13 pages, not including the cover page. Please check immediately to be certain that all pages are included.

2. Show all your work and calculations. I cannot give partial credit if I cannot see the work you have done. No partial credit is given for multiple choice questions.

3. Maximum available points are 150.

4. GOOD LUCK!

I. Multiple Choice - Indicate the answers to the following questions by circling the letter of the correct answer. Each question is worth 1 points.

1. The Roth Company incurred the following costs in the acquisition of a plant asset:
Invoice price $2,100
Purchase discount lost 40
Freight-in 350
Installation 100
Cost of trial runs 150
What is the cost of the plant asset?

a. $2,700
b. $2,660
c. $2,550
d. $2,100

2. Richards Corporation purchased some equipment by issuing a $20,000 non-interest-bearing, four-year…