The Midterm Exam is multiple pages and consists of 30 multiple-choice questions, one essay question, and one problem. The multiple-choice questions are worth 3 points each. Some of the multiple choice questions are problem-based. There is also one essay question worth 25 points and one problem worth 35 points. Terminal Course Objectives A, B, C, D, and E are all addressed on this exam.
For the multiple choice questions worth 90 points, you should know: 1. Know what information is desired by external users of financial statements 2. Know about …show more content…
For the essay question worth 25 points, you should know: 1. Know about a ledger account, its different parts, the rules of debit and credit, and the meaning of the term normal balance of an account 2. Know about an accounting information system and its components (e.g., ledger accounts, trial balance, etc.)
For the problem question worth 35 points, you should know: 1. Know how to prepare a single-step and multiple step income statement and calculate certain ratios based on the numbers in the income statement.
A good way to prepare for this exam in addition to reading Chapters 1 through 6 is to replay the Live Lectures and review the Illustrations and solutions for the problems listed below.
Helpful Textbook Illustrations
* Illustration 1-1 on page 6 * Illustration 1-2 on page 7 * Illustration 1-8 on page 15 * Illustration 1-9on page 17 * Illustration 2-1 on page 48 * Illustration 2-2 on page 49 * Illustration 2-3 on page 50 * Illustration 2-4 on page 50 * Illustration 2-5 on page 51 * Illustration 2-6 on page 51 * Illustration 2-7 on page 53 *