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1) Identify whether each of the following items 1 through 10 would on appear on the
bank side or the book side of a bank reconciliation.
2) Briefly explain the conditions under which job order cost accounting systems and
process cost accounting systems are commonly applied.
3) Identify and describe the four inventory valuation methods.
4) The following accounts appear on either the Income Statement (IS) or Balance Sheet
(BS). In the space provided next to each account write the letters, IS or BS, that identify
the statement on which the account appears.
5) A company charged the following amounts of overhead to jobs during the current
year: $12,000 to jobs still in process, $42,000 to jobs completed but not sold, and
$66,000 to jobs finished and sold. At year-end, the company's Factory Overhead
account has a credit balance of $9,000, which is not a material amount. What entry (if
any) should the company make at year-end related to this overhead balance?
6) List the three important guidelines that should be followed in the budgeting process.
7) Describe the difference between wholesalers and retailers.
8) ________________________ refers to all changes in equity for a period except for
those due to investments and distributions to owners.
