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Ryerson University
ACC 100
Maurizio Di Maio

STUDENT MIDTERM EXAM INFORMATION SHEET CCACC100 - INTRODUCTORY FINANCIAL ACCOUNTING STUDENT INFORAMTION SHEET: This sheet is provided as an additional resource for students who are studying for the Midterm Exam in CACC100. NOTE: this sheet is for information purposes ONLY. This sheet does not, in any way, indicate the types of questions that will be on the Midterm Exam. This sheet DOES provide students with one possible method to study for the Midterm Exam. Students must decide individually on the method that works best for them. HOW SHOULD I APPROACH STUDYING FOR THE MIDTERM EXAM? Students often ask how to study for a Midterm Exam at university. Here are some suggestions: 1. Refer to your course outline. The outline lists the page numbers that will be covered AND indicates the level of knowledge needed. A copy of the important areas of the outline for the course is attached. Note that the level of knowledge required differs for different learning objectives. 2. Re-do the in-class demo questions which are listed on the course outline. These are the concepts that are at the Understand/Master level. You must be able to both understand the calculation as well as explain what the calculations mean (theory). 3. Do additional exercises and problems. The course outline clearly indicates the Learning Objectives (LO) that are at the SCAN, UNDERSTAND and MASTER level. Using this information you can choose exercises and problems from the back of the chapter that test those concepts. I have attached a list of additional questions. AGAIN, please note that these do not, in any way, indicate what will be on the Midterm Exam. However, they provide students with additional practice and, as we all know, practice helps you to master concepts. NOTE: the solutions to all the ODD numbered questions are posted on Blackboard, under Course Material. 4. Remember that theory is 50% of the Midterm Exam. I have attached a list of possible theory style questions. Please note that these theory questions do not, in any way, indicate what will be on the Midterm Exam. Instead, these questions will help students to realize the variety of theory questions that can be used on the Midterm Exam. These also provide students with practice on how to answer theory questions. NOTE: solutions to the theory questions are NOT provided. These theory questions are developed from the content of the textbook and answers can be derived from the textbook. CONCLUSION: It is the student’s responsibility to be prepared for the Midterm Exam. It is important that you have read both the Student Exam Procedures. Note that this information is available on Blackboard, under Midterms And Final Exams. REMEMBER: accounting is like anything else - it requires PRACTICE. The more questions you do the more familiar you become with the concepts and the better your level of understanding. THEORY: At the end of every chapter there are Questions. These Questions are also a good resource for students looking for theory questions. The solution to these Questions are available in the solutions file that is posted on Blackboard, under Course Materials. 2 Midterm Coverage: In-Class Demo Additional Topics & Learning Objectives Questions: Exercises and Problems Chapter 1 Chapter 1 Question: 3, 5, 9, Accounting Communication-An 11, 13, 15 Introduction LO1: - Exercises: E1-3, E1- Learning Objectives: LO2: - 5, E1-7 1, 2: Scan LO3: E1-12 Problems: P1-3, P1- 3, 5: Understand LO4: E1-4, P1-5 5, P1-3A, P1-5A 4: Master LO5: E1-10 Read page 1 to 21 Chapter 2 Chapter 2 Questions: 1, 3, 5, 6, Financial Statements and the Annual 11 Report LO1: E2-1 Exercises: E2-5, E2- Learning Objectives LO2: P2-3 7 1: Scan LO3: P2-6 Problems:P2-1, P2- 5: Understand LO4: E2-4 1A 2, 3, 4: Master LO5: E2-5 Read page 50 to 67 Chapter 3 Chapter 3 NOTE: accounting Processing Accounting Information equation analysis Learning Objectives LO1: E3-1 ONLY for all 1: Understand LO2: E3-4, P3-2 questions! 2: Master (Part 1) Question: 1, 3 Read page 92 to 101 NOTE: Accounting Exercises: E3-3, E3- equation analysis 5, E3-9, E3-15, ONLY. Problems: P3-1, P3- 3 (1) only, P3-7 (1) only, P3-11 (1) only 3 In-Class Demo Additional Exercises Topics & Learning Objectives Questions: and Problems Chapter 4 – Part 1 Chapter 4 – Part 1 Accrual Accounting, See below Adjusting entries and Accounting LO2: E4-23 Cycle LO3: E4-2, E4-4, E4-6. Learning Objectives E4-7 1, 2: Understand 3: Master Read page 146 - 154 (top) Chapter 4 – Part 2 Chapter 4 – Part 2 Question: 3, 5, 7, 9 Accrual Accounting, Adjusting entries and Accounting LO3: E4-8, E4-12, P4-3 Exercises: 4-1, 4-3, 4- Cycle 5, 4-7, 4-9, 4-11, 4-13, Learning Objectives 4-25 3: Master Read page 154 - 160 Problems: 4-1, 4-3, 4- 5, 4-1A, 4-3A, 4-5A Chapter 5 Student Worksheets - Chapter 5 Merchandising Operations posted on Blackboard, LO1: E5-1 CONTENT, under LO3: E5-6, E5-8 Instructor Provided Summary: Chapter Materials, Chapter 6 Master Chapter 5. LO1: E6-13, P6-1 Chapter 5 LO 1, 2, 3: MASTER Instructor Provided Additional Questions - posted on BLACKBOARD, CONTENT, under Course Materials, Chapter 5 4 Additional Theory Questions: Below are listed additional theory questions that you may wish to consider while studying for the midterm exam. Remember that these theory questions are NOT a total list of all theory questions that may be on the midterm exam; however, they may help you to tackle the 50% theory that will be on the midterm exam. Although I have not provided answers to these theory questions, all the answers are available either from the chapter in the textbook OR from the PowerPoint Slides provided. Chapter 1: 1. What are the three different forms of business organizations? What are the advantages and the disadvantages to each of these forms? 2. Define the three business activities of a company and provide examples of each of these activities. 3. What is the purpose of financial accounting? 4. Who are the primary users of accounting information? 5. What is the purpose of each of the financial statements? How are the financial statements interrelated? 6. What is the accounting equation and how is it connected to the financial statements? 7. You are deciding whether to invest in a company shares. Which financial statement would you want to see, and which areas would you be most interested in? 8. What are the assumptions that underlie the f
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