Exam+Ch+7-8-9

Week of November 9, 2009 Study Questions Chapter 7 Inventories
 * AC 211 Exam guide for Chapters 7-8-9 **

Chapter 8 Receivables and Bad Debt
 * Periodic and perpetual inventory system comparisons
 * Calculation of LIFO, FIFO, Specific Identification methods
 * Understanding of lower of Cost or Market

Chapter 9 Long-Lived Assets and Intangibles
 * The allowance method for writing off bad debt
 * Using an aging schedule for calculating allowance for bad debt
 * Method for writing off a specific customer account
 * Method for recovering a specific customer account
 * Recording interest on accounts receivable

Expect to see a M/C question or problem for each of the focus points above. Also see the practice exam located here:
 * Acquiring assets
 * Depreciation methods
 * Straight-line
 * Double declining balance
 * Asset impairments
 * Disposal of long lived assets
 * Intangible asset treatments