Accounting and business

Exam 1 Review

When: ; Exam 1 starts at 12:05 am Sunday morning June 15^th and ends midnight Monday June 16^th. ; Remember that midnight June 16^th is equal to 12:00 am June 17^th 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.)