Accounting 303 Exam

Introduction to Financial Statements
 Identify the forms of business organization.
 Explain the three principle types of business activity.
 Describe the four financial statements and how they are related.

Assurance, Attestation and Audit Services
 Differentiate among assurance, attestation, and audit services.
 Describe the different types of audit services.
 Identify the roles of different regulators and organizations that affect the audit profession.
 Discuss the audit expectation gap.
 Explain the concepts of reasonable assurance and materiality on the audit of financial statements.

An Introduction to Taxation
 Introduction to tax
 Types of tax rate systems
 Taxing units and basic income tax model
 Choice of business entity

Managerial Accounting
 Identify the features of managerial accounting and the functions of management.
 Describe the classes of manufacturing costs and the differences between product and period costs.
 Discuss the trends in managerial accounting

Budgetary Planning
 State the essentials of effective budgeting and the components of the master budget.
 Prepare budgets for sales, production, and direct materials
 Prepare budgets for direct labor, manufacturing overhead, and selling and administrative expenses, and a budgeted income statement.
 Prepare a cash budget and a budgeted balance sheet
 Apply budgeting principles to nonmanufacturing companies.

DETAILED ASSIGNMENT

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