Accounting and business

Exam 1 Review

When:  Exam 1 starts at 12:05 am Sunday morning June 15th and ends midnight Monday June 16th.  Remember that midnight June 16th is equal to 12:00 am June 17th on CengageNOW.  All times are in Central Standard Time.

What:  The exam is over Chapters One to Three.

Where:  The exam will be on the CengageNOW Assignments tab. There will be one link for the multiple choice portion and one for the essay portion.

How much:  The exam has twenty-five (25) multiple choice and one (1) essay questions.  The time limit on the multiple choice portion is seventy (70) minutes.  Ten of the multiple choice questions are conceptual; the other fifteen are quantitative.  The time limit gives an average of one minute per conceptual question and four minutes per quantitative question.

The time limit on the essay portion is twenty (20) minutes.  I am expecting a four to five sentence paragraph answer on the essay.  This is a master’s level course and writing skills including grammar and completeness with conciseness are a must.

You can choose which order to take each part but once you begin a part (essay or multiple choice) you must finish it (there is no save and return option).

The Lessons pages on WTClass contain the applicable Learning Objectives for each chapter.

Chapter 1 portion:  5 conceptual multiple choice questions; 10% of exam grade

Chapter 2 portion:  10 multiple choice questions (2 conceptual); 40% of exam grade

Chapter 3 portion:  10 multiple choice questions (3 conceptual); 40% of exam grade

Essay:  Ethics using Exhibit 1.4 as a guideline, might contain terminology from Chapter 2; 10% of exam grade

How:  Reviewing (or completing) the practice homework from each chapter is a good way to begin studying for the exam.  To get some experience with accounting multiple choice questions complete the, practice quizzes and pre/post tests for each chapter.

Arrange your notes as if you won’t have the book during the exam.  Write out important steps and formulas by hand.  You are more likely to remember notes you write out by hand than notes you type.  (Do a Google search or go by your own experience.)

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