Below you will find some of the problems I will be dealing with. If you are good with accounting let me know! This is entry level accounting so shouldnt be anything crazy.
SLO Assessment 1 tests your knowledge of key topics
•Problem 1: You will need to prepare journal entries, post the journal entries to the T-Accounts and calculate the ending balance, prepare the trial balance, and answer a few terminology questions related to this problem.
•Problem 2: You will be adjusting the accounts (adjusting journal entries). ◦You will be preparing Adjusting Journal Entries to adjust the accounts.
•Problem 3: You will be constructing the financial statements. ◦You are provided an unadjusted trial balance and transactions to record (adjustments)
◦You will prepare the adjusted trial balance using the debit and credit columns for adjusting entries and then calculating the ending balance for the accounts
◦You will prepare the Income Statement, Statement of Retained Earnings, and the classified Balance Sheet from the adjusted trial balance
Short Answer Exam 1 tests your knowledge of key topics:
•Problem 1: You will have a problem to adjust the accounts ◦You may have to prepare adjusting journal entries
◦You may be given the transactions and you have to determine the accounts and the amounts to adjust OR you may be given an Unadjusted Trial Balance and Adjusted Trial Balance and you need to create adjustments from these two based on the differences
•Problem 2: Explain the underlying accounting concepts, principles, and assumptions applied to different scenarios
•Problem 3 & 4: You will need to record journal entries (not adjusting) and post the transactions to the T-Accounts and Trial Balance.
•Problem 5: Construct the Financial Statements (Income Statement, Statement of Retained Earnings, and Balance Sheet)