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University of Minnesota — ACCT 2050 Introduction to Financial Reporting — Final Exam 150+ Practice Questions with Answers & Rationales
University of Minnesota — ACCT 2050
University of Minnesota — ACCT 2050
COURSE TOPICS COVERED Topic Description The Accounting Cycle Journal entries, ledgers, trial balance, adjusting entries, closing entries Financial Statements Income statement, balance sheet, statement of stockholders' equity, statement of cash flows Revenue Recognition When to recognize revenue, sales returns, discounts, allowances Cash & Receivables Internal controls, bank reconciliations, accounts receivable, bad debts, notes receivable Inventories Cost flow assumptions (FIFO, LIFO, w...
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