Answer the following questions:
1. Define correcting entries. Provide two examples.
2. Discuss the closing process.
3. Discuss the double entry system
4. Define the classified balance sheet. Why is it useful for financial statement purposes?
5. The return on equity is a very popular financial statistic. How does the DuPont equation/formula assist with analyzing it?
6. Define adjusting entries. Provide two examples.
7. Identify the three sections of the statement of cash flows. What sign (positive or negative) for each section would you expect for a financially strong firm?
8. Define the statement of cash flows. What is its purpose?
9. Why is the net cash flow from operating activities arguably the most informative # in the financial statements?
10. Why does the allowance method require an estimate of the uncollectible accounts at year-end?
11. Compare and contrast the allowance and write-off methods.
12. Identify two accounts receivable ratios. Provide a numerical example for each.
13. Distinguish between the periodic and perpetual methods.
14. Discuss the inventory cost flow methods. Which is the most accurate? Why?
15. Define the LCM rule. Is it more or less applicable in 2019. Explain.
16. Define depreciation. Which is the most popular for financial statement purposes?
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