AC 210 Study Guide - Midterm Guide: Promissory Note, Bank Reconciliation, Accounts Receivable

• School: University of Alabama
• Department: Accountancy
• Course: AC 210
• Professor: Lisa Mc Kinney

Document Summary

Chapter 5: the fraud triangle & the sarbanes oxley act: what is the purpose of the sox act and what rules did it put in place; exhibit 5. 2. Internal controls: definition, purpose, and principles; limitations: exhibit 5. 3 & 5. 4. M5, m7, e1, e2, e3, e4, cp1, pa1, pb1: controlling and reporting cash: receipts (exhibit 5. 5), payments (exhibit 5. 6) bank reconciliation (exhibits 5. 8 & 5. 9); m8, m9, m10, m11, m12, m13, e5, e6, cp2, cp3, pa2, pa3. Chapter 6: basic inventory concepts: equation, computation of shrinkage, perpetual vs. periodic system compared. M2, m3, m4, m5, m10, e1, e2, e3, e4, e5, e6, e11: purchase discounts and returns basic computations. M6, m7, e7, e8, e9, e10, cp1, pa1, pb2: sales transactions: fob shipping point/destination, sales discounts, sales returns: journal entries and computations. M8, m9, m11, e12, e13, e14, e15, e16, e17, e18, cp2, pa2, pb2: gross profit % - computation and analysis. E19, e20, e21, e22, cp3, pa3, pb3, cp4, pa4, pb4.