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ACC 302 – Exam 1 Study Guide
Chapter 13
Accounting for warranties (assurance-type and service-type)
Understand the criteria for reporting gain and loss contingencies
Analyzing current liabilities and company liquidity
Presentation of current liabilities and refinancing of short-term debt
Understand how a company accounts for payroll deductions
Chapter 14
Accounting for bonds and notes payable (including how to determine a premium or
discount, how to record journal entries over the life of a bond/note, and how to use the
effective interest method)
Understand how to use present value tables to record the issuance of bonds and notes
payable
Understand the differences between interest-bearing notes and non-interest-bearing notes
Fair value measurement of long-term liabilities
Redemption of bonds before maturity date
Chapter 20
Know the five main components of pension expense and how each is calculated
Pension plan reporting on the financial statements
Understand the differences between defined contribution plans and defined benefit plans
Know how to use a pension worksheet and how to make the annual pension expense
journal entry
Amortization of prior service costs and the years-of-service method
Amortization of accumulated OCI-Gain/Loss