DRAFT. SECTION 8.1 REVIEW QUESTIONS (page 275) CHAPTER 8 Completing the Accounting Cycle
|
|
|
- Martin Stokes
- 7 years ago
- Views:
Transcription
1 CHAPTER 8 Completing the Accounting Cycle SECTION 8.1 REVIEW QUESTIONS (page 275) Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 223
2 SECTION 8.1 REVIEW QUESTIONS (continued) SECTION 8.1 EXERCISES (page 276) Exercise 1, p. 276 Supplies Unadjusted Balance Inventory Count Supplies Expense 1. $ 300 $ $1 400 $ $ 175 $ $ 950 $ Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
3 SECTION 8.1 EXERCISES (continued) Exercise 1, p. 276 (continued) Prepaid Insurance Unadjusted Balance Year-end Prepaid Calculation Insurance Expense 1. $ 875 $ $9 600 $ $ 925 $ $410 $ 375 Exercise 2, p. 277 A. Balance Sheet Adjustments Income Statement Adjustments 1. Supplies Supplies Expense Dec. 31, Prepaid Insurance Insurance Expense Dec. 31, Accounts Payable Advertising Expense 4. Unearned Revenue Fees Earned Dec. 15, Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 225
4 SECTION 8.1 EXERCISES (continued) Exercise 2, p. 277 (continued) B. GENERAL JOURNAL PAGE DATE PARTICULARS P.R. DEBIT CREDIT C. Adjustment Omission Assets Liabilities Net Income 1. Supplies 2. Insurance 3. Late Invoices 4. Unearned Revenue 226 Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
5 SECTION 8.1 EXERCISES (continued) Exercise 3, p. 277 Inventory Item Quantity Unit Price Value Rubber bands 3 boxes $ 1.50 per box Envelopes #8 10 boxes per box Envelopes #10 4 1/2 boxes per box Envelopes, manila 2 boxes per box Printer cartridges 2 boxes per box Letterhead 10M sheets per M Copy paper 4M sheets per M File folders 2 boxes 6.00 per box Paper clips 12 boxes 1.50 per box Staples 15 boxes 4.10 per box Pencils, regular 4 dozen 5.50 per dozen Pencils, red 2 dozen 6.10 per dozen Total Supplies Supplies Expense Exercise 4, p. 278 A. B. Year Insurance Expense Prepaid Insurance (Dec. 31) Total Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 227
6 SECTION 8.1 EXERCISES (continued) Exercise 5, p. 278 A. Total number of months of insurance used as of the designated year-end Total number of months of insurance unused as of the designated year-end Value of the prepaid insurance at the designated year-end a. b. c. d. e. f. B. GENERAL JOURNAL PAGE DATE PARTICULARS P.R. DEBIT CREDIT a. b. c. d. 228 Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
7 SECTION 8.1 EXERCISES (continued) Exercise 5, p. 278 (continued) B. GENERAL JOURNAL PAGE DATE PARTICULARS P.R. DEBIT CREDIT Exercise 6, p. 278 A. B. Prepaid Licenses Bank C. D. Prepaid Licenses Truck License Expense 720 Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 229
8 SECTION 8.1 EXERCISES (continued) Exercise 6, p. 278 (continued) E. Prepaid Licenses Bank 180 F. G. Truck License Prepaid Licenses Expense 900 SECTION 8.2 REVIEW QUESTIONS (page 288) Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
9 SECTION 8.2 EXERCISES (page 288) Exercise 1, p. 288 A. P. Tang and Company Worksheet Year Ended Dec. 31, 204 BALANCE SHEET INCOME STATEMENT ADJUSTMENTS TRIAL BALANCE ACCOUNTS Bank Accounts Receivable Supplies Prepaid Insurance Equipment Automobile Accounts Payable Bank Loan HST Payable HST Recoverable P. Tang, Capital P. Tang, Drawings Fees Earned Car Expense General Expense Miscellaneous Expense Rent Expense Wages Expense Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 231
10 SECTION 8.2 EXERCISES (continued) Exercise 1, p. 288 (continued) B. 232 Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
11 SECTION 8.2 EXERCISES (continued) Exercise 1, p. 288 (continued) B. (continued) Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 233
12 SECTION 8.2 EXERCISES (continued) Exercise 2, p. 289 A. Mission Marketing Worksheet Year Ended Dec. 31, 203 BALANCE SHEET INCOME STATEMENT ADJUSTMENTS TRIAL BALANCE ACCOUNTS Bank Accounts Receivable Supplies Prepaid Insurance Equipment Automobile Accounts Payable HST Payable HST Recoverable C. Ans, Capital C. Ans, Drawings Fees Earned Car Expense Miscellaneous Expense Rent Expense Utilities Expense Wages Expense 234 Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
13 SECTION 8.2 EXERCISES (continued) Exercise 2, p. 289 (continued) B. Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 235
14 SECTION 8.2 EXERCISES (continued) Exercise 2, p. 289 (continued) B. (continued) 236 Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
15 SECTION 8.2 EXERCISES (continued) Exercise 2, p. 289 (continued) C. SECTION 8.3 REVIEW QUESTIONS (page 297) Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 237
16 SECTION 8.3 REVIEW QUESTIONS (continued) 16. SECTION 8.3 EXERCISES (page 298) Exercise 1, p. 298 Exercise 2, p. 298 A. Accounting is in nature. B. The states that financial reporting is done in equal periods of time. C. Assets and liability accounts are considered to be accounts. D. have their balances continue on into the succeeding fiscal period. E. Revenue expense, and drawing accounts are considered to be accounts. F. The balances in do not continue into the fiscal period. G. Another name for nominal account is a. H. Nominal accounts begin each fiscal period with. I. The process of removing the old balances from the nominal accounts is known as. J. means to cause it to have no balance. K. During a fiscal period, the Capital account shows. L. Changes in equity during a fiscal period (except for additional investments by the owner) are contained in accounts. M. At the end of the fiscal period, the ledger is brought up to date by. N. One of the final steps in the accounting cycle is to bring the Capital account and to the nominal accounts. O. The final step in the accounting cycle is. 238 Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
17 SECTION 8.3 EXERCISES (continued) Exercise 3, p. 299 Indicate whether each of the following statements is true or false by entering a T or an F in the space provided. Explain the reason for each F response in the space provided. A. Journalizing and posting the adjusting and closing entries is a routine task that can be done by any knowledgeable accounting clerk. B. All of the data required to journalize the adjusting and closing entries can be found on the worksheet. C. It can be assumed that all adjustments have been thought of once the worksheet is completed. D. The adjusting entries must be journalized and posted to bring the ledger into agreement with the figures on the financial statements. E. An explanation is needed for each individual adjusting entry being journalized. F. The adjusting and closing entries in the journal are dated as of the end of the fiscal period. G. The closing entries can be processed only by using the four-step method. H. The figures for the first closing entry are taken from the income statement section, debit column, of the work sheet. I. Since revenue accounts have debit balances, credit entries are needed to close them out. J. The second closing entry transfers the balances in the expense accounts to the Income Summary account. K. When the adjusting entries and the first two closing entries are journalized and posted, all but three of the accounts in the equity section of the ledger will have nil balances. L. A loss has occurred if the Income Summary account as a credit balance before it is closed out. M. The first two entries in the Income Summary account are the same as the subtotals of the income statement section of the worksheet. N. The Income Summary account is not closed out if a loss occurs. Explanation for F Responses Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 239
18 SECTION 8.3 EXERCISES (continued) Exercise 4, p. 300 GENERAL JOURNAL PAGE DATE PARTICULARS P.R. DEBIT CREDIT 240 Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
19 SECTION 8.3 EXERCISES (continued) Exercise 5, p. 300 A. B. GENERAL JOURNAL PAGE DATE PARTICULARS P.R. DEBIT CREDIT Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 241
20 SECTION 8.3 EXERCISES (continued) Exercise 5, p. 300 (continued) C. GENERAL LEDGER Bank Supplies Prepaid Insurance Equipment Accounts Payable HST Payable HST Recoverable R. Tompko, Capital R. Tompko, Drawings Bank Charges Revenue Advertising Expense Expense Supplies Expense Miscellaneous Expense Rent Expense Utilities Expense Wages Expense Insurance Expense Income Summary 242 Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
21 SECTION 8.3 EXERCISES (continued) Exercise 5, p. 300 (continued) D. SECTION 8.4 REVIEW QUESTIONS (page 311) Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 243
22 SECTION 8.4 REVIEW QUESTIONS (continued) SECTION 8.4 EXERCISES (page 311) Exercise 1, p. 311 A B C Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
23 SECTION 8.4 EXERCISES (continued) Exercise 1, p. 311 (continued) D E F Exercise 2, p. 312 A. Year Straight-line Depreciation Depreciation ($) Balance ($) B Year Declining-balance Depreciation Depreciation ($) Balance ($) Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 245
24 SECTION 8.4 EXERCISES (continued) Exercise 2, p. 312 (continued) C. Exercise 3, p. 312 A. Revenues Expenses DepreciationVan Other Expenses Total Expenses Net Income Net Income (from p. 302) Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
25 SECTION 8.4 EXERCISES (continued) Exercise 3, p. 312 (continued) B. $ Net Income Comparison $ $ $ $ $ $(5 000) C. Exercise 4, p. 313 A. GENERAL LEDGER Bank Accounts Receivable Supplies Prepaid Insurance Land Buildings Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 247
26 SECTION 8.4 EXERCISES (continued) Exercise 4, p. 313 (continued) A. (continued) Accum. Depr. Buildings Equipment Accum. Depr. Equipment Accounts Payable J. Salk, Capital J. Salk, Drawings Revenue Bank Charges Expense Delivery Expense Miscellaneous Expense Telephone Expense Utilities Expense Wages Expense Supplies Expense Insurance Expense Depreciation Expense Buildings Depreciation Expense Equipment 248 Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
27 SECTION 8.4 EXERCISES (continued) Exercise 4, p. 313 (continued) B. Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 249
28 SECTION 8.4 EXERCISES (continued) Exercise 5, p. 314 Viera Associates Worksheet Year Ended December 31, 20 BALANCE SHEET INCOME STATEMENT ADJUSTMENTS TRIAL BALANCE ACCOUNTS Bank Accounts Receivable Supplies Prepaid Insurance Equipment Accum. Deprec. Equip. Automobiles Accum. Deprec. Auto. Accounts Payable HST Payable HST Recoverable C. Viera, Capital C. Viera, Drawings Consulting Fees Automobile Expense General Expense Rent Expense Telephone Expense Wages Expense 250 Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
29 SECTION 8.4 EXERCISES (continued) Exercise 6, p. 314 A., B. GENERAL JOURNAL PAGE DATE PARTICULARS P.R. DEBIT CREDIT SECTION 8.5 REVIEW QUESTIONS (page 320) Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 251
30 SECTION 8.5 EXERCISES (page 320) Exercise 1, p. 320 A. 252 Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
31 SECTION 8.5 EXERCISES (continued) Exercise 1, p. 320 (continued) B. Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 253
32 SECTION 8.5 EXERCISES (continued) Exercise 1, p. 320 (continued) B. (continued) 254 Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
33 SECTION 8.5 EXERCISES (continued) Exercise 1, p. 320 (continued) B. (continued) Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 255
34 SECTION 8.5 SPREADSHEET EXTENSIONS (page 320) 256 Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
35 SECTION 8.5 SPREADSHEET EXTENSIONS (continued) Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 257
36 CHAPTER 8 REVIEW EXERCISES (page 322) Using Your Knowledge Exercise 1, p. 322 A. B. Bank Prepaid Insurance Insurance Expense Exercise 2, p. 322 A. to C. ACCOUNT No. DATE PARTICULARS P.R. DEBIT CREDIT Dr/Cr BALANCE ACCOUNT No. DATE PARTICULARS P.R. DEBIT CREDIT Dr/Cr BALANCE 258 Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
37 CHAPTER 8 REVIEW EXERCISES (continued) Exercise 3, p. 322 Prepaid Insurance Insurance Expense A. B. C. D. E. F. G. H. Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 259
38 CHAPTER 8 REVIEW EXERCISES (continued) Exercise 4, p. 323 A. J. Soo and Associates Worksheet Year Ended Dec. 31, 205 BALANCE SHEET INCOME STATEMENT ADJUSTMENTS TRIAL BALANCE ACCOUNTS Bank Accounts Receivable Supplies Prepaid Insurance Equipment Automobile Accounts Payable HST Payable HST Recoverable J. Soo, Capital J. Soo, Drawings Commissions Car Expense Miscellaneous Expense Rent Expense Utilities Expense Wages Expense 260 Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
39 CHAPTER 8 REVIEW EXERCISES (continued) Exercise 4, p. 323 (continued) B. GENERAL JOURNAL PAGE DATE PARTICULARS P.R. DEBIT CREDIT C. Bank GENERAL LEDGER Accounts Receivable Supplies Prepaid Insurance Equipment Automobile Accounts Payable Unearned Revenue HST Payable HST Recoverable J. Soo, Capital J. Soo, Drawings Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 261
40 CHAPTER 8 REVIEW EXERCISES (continued) Exercise 4, p. 323 (continued) C. (continued) Commissions Car Expense Miscellaneous Expense Rent Expense Utilities Expense Wages Expense Supplies Expense Insurance Expense Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
41 CHAPTER 8 REVIEW EXERCISES (continued) Exercise 4, p. 323 (continued) D. Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 263
42 CHAPTER 8 REVIEW EXERCISES (continued) Exercise 4, p. 323 (continued) D. (continued) 264 Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
43 CHAPTER 8 REVIEW EXERCISES (continued) Exercise 5, p. 324 Karen Millette Real Estate Worksheet Year Ended Sep. 30, 204 BALANCE SHEET INCOME STATEMENT ADJUSTMENTS TRIAL BALANCE ACCOUNTS Bank Accounts Receivable Supplies Prepaid Insurance Land Building Acc. Dep. Building Furniture and Equipment Acc. Dep. Furn. & Equip. Automotive Equipment Acc. Dep. Auto. Equip. Accounts Payable Bank Loan HST Payable HST Recoverable Karen Millette, Capital Karen Millette, Drawings Commissions Revenue Advertising Expense Bank Charges Car Expense Commissions Expense Miscellaneous Expense Office Expense Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 265
44 CHAPTER 8 REVIEW EXERCISES (continued) Exercise 5, p. 324 (continued) Karen Millette Real Estate Worksheet Year Ended Sep. 30, 204 BALANCE SHEET INCOME STATEMENT ADJUSTMENTS TRIAL BALANCE ACCOUNTS Telephone Expense Utilities Expense Wages Expense 266 Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
45 CHAPTER 8 REVIEW EXERCISES (continued) Exercise 6, p. 324 Tom s Plastering Worksheet Year Ended Oct. 31, 205 BALANCE SHEET INCOME STATEMENT ADJUSTMENTS TRIAL BALANCE ACCOUNTS Bank Accounts Receivable Supplies Small Tools Prepaid Insurance Equipment Accum. Dep. Equipment Truck Accum. Dep. Truck Accounts Payable HST Payable HST Recoverable Bank Loan Tom Michaud, Capital Tom Michaud, Drawings Revenue Bank Interest and Charges Materials Used Miscellaneous Expense Rent Expense Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 267
46 CHAPTER 8 REVIEW EXERCISES (continued) Exercise 6, p. 324 (continued) Tom s Plastering Worksheet Year Ended Oct. 31, 205 BALANCE SHEET INCOME STATEMENT ADJUSTMENTS TRIAL BALANCE ACCOUNTS Telephone Expense Truck Expense Utilities Expense Wages Expense Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
47 CHAPTER 8 REVIEW EXERCISES (continued) Exercise 6, p. 324 (continued) Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 269
48 CHAPTER 8 REVIEW EXERCISES (continued) Exercise 6, p. 324 (continued) 270 Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
49 CHAPTER 8 REVIEW EXERCISES (continued) Exercise 7, p. 326 A. Oakville Journal Worksheet Year Ended December 31, 208 BALANCE SHEET INCOME STATEMENT ADJUSTMENTS TRIAL BALANCE ACCOUNTS Bank Accounts Receivable Supplies and Materials Prepaid Insurance Land Buildings Acc. Dep. Buildings Equipment Acc. Dep. Equipment Automotive Equipment Acc. Dep. Auto. Equip. Accounts Payable HST Payable HST Recoverable Bank Loan Mortgage Payable R. Lucht, Capital R. Lucht, Drawings Revenue Advertising Revenue Circulation Bank Int. & Charges Exp. Building Maintenance Expense Car Expense Miscellaneous Expense Mortgage Interest Expense Office Expense Office Salaries Expense Sales Promotions Expense Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 271
50 CHAPTER 8 REVIEW EXERCISES (continued) Exercise 7, p. 326 (continued) Oakville Journal Worksheet Year Ended December 31, 208 BALANCE SHEET INCOME STATEMENT ADJUSTMENTS TRIAL BALANCE ACCOUNTS Telephone Expense Truck Expense Utilities Expense Wages Expense Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
51 CHAPTER 8 REVIEW EXERCISES (continued) Exercise 7, p. 326 (continued) B. Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 273
52 CHAPTER 8 REVIEW EXERCISES (continued) Exercise 7, p. 326 (continued) B. (continued) 274 Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
53 CHAPTER 8 REVIEW EXERCISES (continued) Exercise 7, p. 326 (continued) B. (continued) C. GENERAL JOURNAL PAGE DATE PARTICULARS P.R. DEBIT CREDIT Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 275
54 CHAPTER 8 REVIEW EXERCISES (continued) Exercise 7, p. 326 (continued) C. (continued) GENERAL JOURNAL PAGE DATE PARTICULARS P.R. DEBIT CREDIT 276 Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
55 CHAPTER 8 REVIEW EXERCISES (continued) Exercise 7, p. 326 (continued) D. GENERAL LEDGER Bank Accounts Receivable Supplies & Materials Prepaid Insurance Land Buildings Accum. Dep. Buildings Equipment Accum. Dep. Equipment Accum. Dep. Automotive Equipment Auto. Equip. Unearned Revenue Accounts Payable HST Payable HST Recoverable Bank Loan Mortgage Payable R. Lucht, Capital R. Lucht, Drawings Revenue Advertising Revenue Circulation Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 277
56 CHAPTER 8 REVIEW EXERCISES (continued) Exercise 7, p. 326 (continued) D. (continued) Building Maintenance Bank Interest & Charges Expense Car Expense Miscellaneous Expense Mortgage Interest Expense Office Salaries Expense Office Expense Sales Promotion Expense Telephone Expense Truck Expense Utilities Expense Wages Expense Depreciation Expense Depreciation Expense Depreciation Expense Buildings Equipment Automotive Equipment Supplies and Materials Expense Insurance Expense Income Summary 278 Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
57 CHAPTER 8 REVIEW EXERCISES (continued) Exercise 7, p. 326 (continued) E. Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 279
58 CHAPTER 8 REVIEW EXERCISES (continued) Exercise 8, p. 327 GENERAL JOURNAL PAGE DATE PARTICULARS P.R. DEBIT CREDIT Questions for Further Thought, p Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
59 CHAPTER 8 REVIEW EXERCISES (continued) Questions for Further Thought, p. 328 (continued) CASE STUDIES (page 329) Case 1 A Balancing Act (p. 329) Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 281
60 CASE STUDIES (continued) Case 1 A Balancing Act (continued) 3. Case 2 A Mix-Up in Year-End Accounting (p. 330) , 6. GENERAL JOURNAL PAGE DATE PARTICULARS P.R. DEBIT CREDIT 282 Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
61 CASE STUDIES (continued) Case 2 A Mix-Up in Year-End Accounting (continued) 5., 6. (continued) GENERAL JOURNAL PAGE DATE PARTICULARS P.R. DEBIT CREDIT CASE STUDIES (continued) Case 3: Challenge Can You Meet This Deadline? (p. 333) Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 283
62 CASE STUDIES (continued) Case 3: Challenge Can You Meet This Deadline? (continued) Stetsko and Company Worksheet Six Months Ended June 30, 20 BALANCE SHEET INCOME STATEMENT ADJUSTMENTS TRIAL BALANCE ACCOUNTS Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
63 CASE STUDIES (continued) Case 3: Challenge Can You Meet This Deadline? (continued) Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 285
64 CASE STUDIES (continued) Case 3: Challenge Can You Meet This Deadline? (continued) GENERAL JOURNAL PAGE DATE PARTICULARS P.R. DEBIT CREDIT 286 Accounting 1 Student Workbook Copyright 2013 Pearson Canada Inc.
65 CASE STUDIES (continued) Case 4: Co-operative Learning A Better Way of Depreciating a Truck? (p. 334) 1. Year Distance Travelled (km) Declining-balance Depreciation ($) Distance-used Depreciation ($) 2. CAREER Nitasha Ragnauth/Manager, Audit and Assurance Services, McGovern, Hurley, Cunningham, LLP, Toronto (page 335) Discussion (p. 336) Copyright 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 287
SECTION 8.1 REVIEW QUESTIONS (page 275)
CHAPTER 8 Completing the Accounting Cycle SECTION 8.1 REVIEW QUESTIONS (page 275) 1. Year-end financial statements are superior to interim financial statements because all accounts are brought up to date,
Completing the Accounting Cycle
Chapter 9 Completing the Accounting Cycle ANSWERS TO SECTION 9.1 REVIEW QUESTIONS (text p. 307) The Adjustment Process 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 218 Accounting 1 Student
DRAFT. Accounting for a Merchandising Business. SECTION 10.1 REVIEW QUESTIONS (page 401) 1. 5. 6. 7. 8. 10. 11. 12. 13. 14. 15. 16. 17.
CHAPTER 10 Accounting for a Merchandising Business SECTION 10.1 REVIEW QUESTIONS (page 401) 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 324 Accounting 1 Student Workbook Copyright 2013 Pearson
Accounting for a Merchandising Business
Chapter 11 Accounting for a Merchandising Business ANSWERS TO SECTION 11.1 REVIEW QUESTIONS (text p. 428) The Merchandising Business 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 1. 2. 3. 4. 14. 15. Copyright
Accounting for a Merchandising Business
CHAPTER 10 Accounting for a Merchandising Business SECTION 10.1 REVIEW QUESTIONS (page 401) 1. A service business sells a service to the general public but does not deal in merchandise. For example, a
CHAPTER 4. Adjusting the accounts and preparing financial statements CONTENTS
CHAPTER 4 Adjusting the accounts and preparing financial statements CONTENTS Demonstration problem 4.1 Adjusting entries and corrections 4.2 Adjusting centries and effect on financial statements 4.3 Adjusting
Vol. 1, Chapter 3 - Accounting Adjustments
Vol. 1, Chapter 3 - Accounting Adjustments Problem 1 1. ($20,000 2,000) 48 = $375 per month 2. Jan. 31 Depreciation Expense $375 Accumulated Depreciation Van $375 To record depreciation expense for January
SOLUTIONS. Learning Goal 16
Learning Goal 16: Prepare Closing Entries S1 Learning Goal 16 Multiple Choice 1. d 2. a 3. b 4. d Because drawing is closed directly into the capital account, not into income summary. 5. c 6. b This a
COMPLETION OF THE ACCOUNTING CYCLE - Closing Entries -
COMPLETION OF THE ACCOUNTING CYCLE - Closing Entries - Worksheet Overview Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Titles Debit Credit Debit Credit Debit
Assignment 6: Adjusting Journal Entries and
Name: Due Date: December 12, 2011 Score: out of a possible 47 Course value: 7.5% Assignment 6: Adjusting Journal Entries and Worksheets A series of transactions are presented and their journal entries
ACCT1115. Review Package - Midterm SOLUTION Fall 2013
ACCT1115 Review Package - Midterm SOLUTION Fall 2013 Part I Multiple Choice 1) How should you record the purchase of an expensive automobile? a) Decrease cash, increase assets b) Decrease cash, increase
CHAPTER 12 ACCRUALS, DEFERRALS, AND THE WORKSHEET
CHAPTER 12 ACCRUALS, DEFERRALS, AND THE WORKSHEET Chapter Opener: Thinking Critically Students may assess that an unexpected decline in sales would mean surplus inventory which would have to be reduced
Closing Entries and the Postclosing Trial Balance
6-1 McGraw-Hill 2009 The McGraw-Hill Companies, Inc. All rights reserved. Chapter Closing Entries and the Postclosing Trial Balance 6 Section 1: Closing Entries Section Objectives 1. Journalize and post
Chapter 4. Completing the accounting cycle
1 Chapter 4 Completing the accounting cycle 2 Learning objectives 1. Prepare an accounting worksheet and describe its purpose 2. Prepare a classified balance sheet and explain the major headings 3. Explain
CHAPTER 16. Non-current assets: Revaluation, disposal and other aspects CONTENTS
CHAPTER 16 Non-current assets: Revaluation, disposal and other aspects CONTENTS 16.1 Non-current asset disposals 16.2 Revaluation and disposal 16.3 Intangibles and natural resources 16.4 Goodwill and discount
Accounting 300A-10A The Operating Cycle: Worksheet/Closing Entries Page 1
Accounting 3A-1A The Operating Cycle: Worksheet/Closing Entries Page 1 THE WORKSHEET and CLOSING ENTRIES I. Review of Key Concepts and Terms: A. The purpose of the worksheet 1. To show that the accounts
Accumulated Depreciation Equipment
Chapter 4 Completing the Accounting Cycle > DO IT! Worksheet Balance sheet: Extend assets to debit column. Extend liabilities to credit column. Extend contra assets to credit column. Extend drawings account
Time Period Assumption
ILLUSTRATION 3-1 GUIDELINES TO REPORT REVENUE AND EXPENSES Time Period Assumption Economic life of business can be divided into artificial time periods Revenue Recognition Principle Revenue recognized
Accounting Cycle. Matching Principle
CHAPTER 3 Accounting Cycle Analyze and record the transactions Post the transactions and prepare trial balance Adjust the accounts and prepare trial balance Prepare the financial statements Close the accounts
Completing the Accounting Cycle
C H A P T E R 4 Completing the Accounting Cycle Financial Accounting 14e Warren Reeve Duchac human/istock/360/getty Images Flow of Accounting Information (slide 1 of 5) End-of-Period Spreadsheet (Work
Supplement to CHAPTER 3 CLOSING ENTRIES AND THE WORK SHEET
Supplement to CHAPTER 3 CLOSING ENTRIES AND THE WORK SHEET Answers to Review Questions 1. No, the work sheet cannot be used as a substitute for the financial statements. It is a tool used in preparing
CHAPTER 6. Accounting for retailing CONTENTS
CHAPTER 6 Accounting for retailing CONTENTS 6.1 Journal entries periodic inventory system 6.2 Journal entries involving discounts, closing entries and statements of financial performance both perpetual
SOLUTIONS. Learning Goal 15
Learning Goal 15: Prepare a Classified S1 Learning Goal 15 Multiple Choice 1. b 2. c 3. a 4. b 5. d 6. a 7. c Their importance in paying current liabilities is the main reason current assets are shown
The worksheet for Hancock Company shows the following in the financial statement
Chapter 4 Do it! Susan Elbe is preparing a worksheet. Explain to Susan how she should extend the following adjusted trial balance accounts to the financial statement columns of the worksheet. Cash Accumulated
Student Solutions Manual to Accompany. Introduction to Financial Accounting. David Annand. Based on International Financial Reporting Standards
Student Solutions Manual to Accompany Introduction to Financial Accounting Based on International Financial Reporting Standards David Annand Copyright 2014 David Annand Published by David Annand 4910C
Chapter 5: Adjustments and the Worksheet
Chapter 5: Adjustments and the Worksheet Chapter Opener: Thinking Critically Students should suggest that accountants estimate the amount of wear and tear on the equipment. This expense should be charged
b. Do not recognize revenue until steel is shipped. c. Do not recognize revenue until next year after the games are played.
CHAPTER FOUR SE4-2 Revenue recognition a. Recognize revenue from car sales for 12,000. Notes receivable $12,000 Sales revenue $12,000 b. Do not recognize revenue until steel is shipped. c. Do not recognize
CHAPTER 3. BE3-2 Advertising. Dec. 31 Advertising Supplies Expense 7200 Advertising Supplies 7200 to adjust. BE3-3 Bere Co.
CHAPTER 3 BE3-2 Advertising Advertising Supplies Supplies Expense 8700 7200 7200 1500 7200 Dec. Advertising Supplies Expense 7200 Advertising Supplies 7200 BE3-3 Bere Co. Prepaid Insurance Insurance Expense
The General Journal and the General Ledger
4-1 McGraw-Hill 2009 The McGraw-Hill Companies, Inc. All rights reserved. Chapter 4 The General Journal and the General Ledger Section 1: The General Journal Section Objectives 1. Record transactions in
1. If the assets owned by a business total $100,000 and liabilities total $70,000, stockholders' equity totals $30,000.
Rallis Page 1 Name: _ Date: 1. If the assets owned by a business total $100,000 and liabilities total $70,000, stockholders' equity totals $30,000. A) True B) False 2. If total liabilities decreased by
How To Adjust For The Year End
ACCOUNTING 30S WORKSHEET ON ADJUSTING ENTRIES Put on your thinking caps and sharpen your pencils boys and girls it's time to practice with adjusting entries! 1. Give in general journal form the year-end
Adjusting Entries and the Work Sheet
Heintz & Parry th Edition Chapter 5 th Edition College Accounting Adjusting Entries and the Work Sheet 1 Prepare end-of-period adjustments. END-OF-PERIOD ADJUSTMENTS Changes occur that affect the business
How To Calculate A Trial Balance For A Company
THE BASIC MODEL The accounting information system is designed to collect and organize data into information that is useful for stakeholders. The Accounting Equation The basic accounting equation is what
> DO IT! Chapter 3 Adjusting the Accounts. Timing Concepts. Adjusting Entries for Deferrals D-12. Solution
Chapter 3 Adjusting the Accounts Timing Concepts Review the glossary terms. Study carefully the revenue recognition principle, the expense recognition principle, and the time period assumption. Several
TRANSACTIONS ANALYSIS EXAMPLE. Maxwell Partners Medical Diagnostic Services report the following information for 2011, their first year of operations:
TRANSACTIONS ANALYSIS EXAMPLE Maxwell Partners Medical Diagnostic Services report the following information for 2011, their first year of operations: 1. Billings to clients for services provided: $350,000
CHAPTER 2 ACCOUNTING FOR TRANSACTIONS
CHAPTER 2 ACCOUNTING FOR TRANSACTIONS Key Terms and Concepts to Know Double entry accounting: Debits and Credits Total debits must always equal total credits Accounting Books: Accounts General Journal
PART A: TRUE/FALSE (1 point each):
CHABOT COLLEGE General Accounting (BUS-7) Dmitriy Kalyagin PART A: TRUE/FALSE (1 point each): EXAM #4 (Chapters 10, 12, 13) 1. Employees who are exempt from the FLSA are entitled for overtime pay for hours
Chapter 13 Financial Statements and Closing Procedures
Chapter 13 - Financial Statements and Closing Procedures Chapter 13 Financial Statements and Closing Procedures TEACHING OBJECTIVES 13-1) Prepare a classified income statement from the worksheet. 13-2)
EXERCISES. Does not normally require adjustment. Normally requires adjustment (AE).
EXERCISES Ex. 3 1 1. Prepaid expense 2. Accrued revenue 3. Unearned revenue 4. Accrued expense 5. Unearned revenue 6. Prepaid expense 7. Accrued expense 8. Accrued expense Ex. 3 2 Account Accounts Receivable...
CHAPTER 3 THE ADJUSTING PROCESS
1. a. Under cash-basis accounting, revenues are reported in the period in which cash is received and expenses are reported in the period in which cash is paid. b. Under accrual-basis accounting, revenues
PERSONAL FINANCIAL STATEMENT
PERSONAL FINANCIAL STATEMENT As of, 20 BUSINESS PLAN GUIDELINES Name: Residence Phone: Residence Address: City, State, Zip Code: Social Security Number: PERSONAL ASSETS PERSONAL LIABILITIES Cash in Bank
ANSWERS TO QUESTIONS FOR GROUP LEARNING
Accounting for a 5 Merchandising Business ANSWERS TO QUESTIONS FOR GROUP LEARNING Q5-1 A merchandising business has a major revenue reduction called cost of goods sold. The computation of cost of goods
Objective Evidence. Unit of Measurement. Accounting Period Cycle. Business Entity. Going Concern. Adequate Disclosure. Matching Expenses with Revenue
Accounting Concept: A source document is prepared for each transaction Objective Evidence Accounting Concept: Business transactions are stated in numbers that have common values; that is, using a common
Chapter 5 Accounting for Merchandising Operations
Chapter 5 Accounting for Merchandising Operations Purchase Transactions Purchaser records goods at cost. When goods are returned, purchaser reduces Inventory. On September 5, De La Hoya Company buys merchandise
PROFESSOR S NAME ACC 255 FALL 2011 COVER SHEET FOR COMPREHENSIVE PROBLEM 2 (CHAPTERS 2, 5-8)
COMPREHENSIVE PROBLEM 2 (CHAPTERS 2, 5-8) Page 137 NAME ANSWER KEY PROFESSOR S NAME SECTION SCORE ACC 255 FALL 2011 COVER SHEET FOR COMPREHENSIVE PROBLEM 2 (CHAPTERS 2, 5-8) INSTRUCTIONS: COMPLETE ALL
Accounting Self Study Guide for Staff of Micro Finance Institutions
Accounting Self Study Guide for Staff of Micro Finance Institutions LESSON 5 Summarizing Changes in Financial Position OBJECTIVES The purpose of this lesson is to show how to summarize the transactions
BUS312A/612A Financial Reporting I. Homework 9.10.2014 & 9.15.2014 The Accounting Cycle Review Chapter 3
BUS312A/612A Financial Reporting I Homework 9.10.2014 & 9.15.2014 The Accounting Cycle Review Chapter 3 E3-1 (Transaction Analysis-Service Company) During the first month of operations of her business
CHAPTER 3 ADJUSTING THE ACCOUNTS
CHAPTER 3 ADJUSTING THE ACCOUNTS TIME PERIOD ASSUMPTION The time period (or periodicity) assumption assumes that the economic life of a business can be divided into artificial time periods generally a
Closing the Books Section 7 Accounting 11
Closing the Books At the end of a fiscal year once all the transactions for the entity have been recorded, the revenue and expense accounts must be closed out to a zero balance. These accounts have been
Chapter 1. Introduction to Accounting and Business
1 Chapter 1 Introduction to Accounting and Business Learning Objective 1 Describe the nature of a business, the role of accounting, and ethics in business. Nature of Business and Accounting A business
Chapter 2. Analyzing transactions
1 Chapter 2 Analyzing transactions 2 Learning objectives 1. Explain the steps in the accounting cycle and each step s supporting documentation 2. Explain the purpose of source documents 3. Describe an
Accounting Skills Assessment Practice Exam Page 1 of 10
NAU ACCOUNTING SKILLS ASSESSMENT PRACTICE EXAM & KEY 1. A company received cash and issued common stock. What was the effect on the accounting equation? Assets Liabilities Stockholders Equity A. + NE +
UNIVERSITY OF WATERLOO School of Accounting and Finance
UNIVERSITY OF WATERLOO School of Accounting and Finance AFM 101 Professor Shari Mann Professor Donna Psutka Professor Mindy Wolfe Mid-Term Examination Fall 2010 Date and Time: October 21, 2010, 6:30 8:00pm
2011 PBL National Leadership Conference Accounting for Professionals Test
2011 PBL National Leadership Conference Accounting for Professionals Test 1. Turn off all electronic devices. 2. Please print your name, school, and state on your event envelope. Each page of the test
Financial Statements Tutorial
Financial Statement Review: Financial Statements Tutorial There are four major financial statements used to communicate information to external users (creditors, investors, suppliers, etc.) - 1. Balance
CONTENTS: Introduction to Financial Accounting BAF3M
CONTENTS: Introduction to Financial Accounting BAF3M Page No. READING STRATEGIES Getting Ready to Read: Previewing a Text 2 Student Resource: Complete the Prompts for Your Accounting Text 4 WRITING STRATEGIES:
CHAPTER 4 COMPLETING THE ACCOUNTING CYCLE SUMMARY OF QUESTIONS BY STUDY OBJECTIVES AND BLOOM S TAXONOMY. True-False Statements
CHAPTER 4 COMPLETING THE ACCOUNTING CYCLE SUMMARY OF QUESTIONS BY STUDY OBJECTIVES AND BLOOM S TAXONOMY Item SO BT Item SO BT Item SO BT Item SO BT Item SO BT True-False Statements 1. 1 K 9. 2 K 17. 4
The Statement of Cash Flows Direct Method
23 The Statement of Cash Flows Direct Method DEMONSTRATION PROBLEM The financial statements of Bolero Corporation follow. Copyright Houghton Mifflin Company. All rights reserved. 1 Bolero Corporation Income
ACC 211/212: Double Entry Logs
ACC 211/212: Double Entry Logs Journal Entries: o Credits are always indented (account name and value). o The sum of debits will always equal the sum of credits. o The month name is required only for the
BAF3M Final Exam Review January, 2013
BAF3M Final Exam Review January, 2013 Mr. Alexander Please bring a calculator, pencil(s), and erasers to the exam. Ipods, iphones, and other mobile devices will not be allowed. The exam will be two hours
Student s name: SSN s: (Last, First Name) (Last 4#) Comprehensive Problem Fall 03
Student s name: SSN s: (Last, First Name) (Last 4#) Comprehensive Problem Fall 03 Ken Harper, Master Chef A.k.a., Ken Harper Cooking School Company Profile and Background: For the past several months,
Fundamentals of Financial Accounting
Fundamentals of Financial Accounting CHAPTER I Accounting in action. What is accounting? Accounting is the recording of financial transactions plus storing, sorting, retrieving, summarizing, and presenting
Accruals and prepayments
5 Accruals and prepayments this chapter covers... In the last chapter we have looked at the preparation of financial statements or final accounts using the extended trial balance, or spreadsheet, approach.
The Work Sheet and the Closing Process
C H A P T E R 4 The Work Sheet and the Closing Process A systematic approach is essential for efficient and accurate processing of large amounts of information. Whether work sheets are on paper or computerized,
Accounting II Second Semester Final
Name: Class: Date: Accounting II Second Semester Final Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. 1. Profit is the difference between:
Trading Profit and Loss Account
Trading Profit and Loss Account Trading Account The trading account shows the income from sales and the direct costs of making those sales. It includes the balance of stocks at the start and end of the
The Adjusting Process
Chapter 03.qxd 5/21/08 7:07 PM Page 99 C H A P T E R 3 AP Photo/Jeff Kravitz Fo r Sa le The Adjusting Process M A R V E L D E N T E R T A I N M E N T, N ot o you subscribe to any magazines? Most of us
Gold Run Snowmobile. Adjusting Entries and Closing Entries For The Quarter Ended December 31. Final Project Evaluation. 5 th Edition.
Gold Run Snowmobile 5 th Edition Adjusting Entries and Closing Entries For The Quarter Ended December 31 and the Final Project Evaluation Page 1 ADJUSTING ENTRIES FOR THE QUARTER Using a copy of the December
Basic Business Plan Outline
Basic Business Plan Outline A business plan needs to be a well thought out, honest, appraisal of the business and opportunity. This outline is meant to be used for your road map. It should be a living
Module 2: Preparing for Capital Venture Financing Building Pro-Forma Financial Statements
Module 2: Preparing for Capital Venture Financing Building Pro-Forma Financial Statements Module 2: Preparing for Capital Venture Financing Building Pro-Forma Financial Statements TABLE OF CONTENTS 1.0
CHAPTER 5 THE ACCOUNTING CYCLE: REPORTING FINANCIAL RESULTS
CHAPTER 5 THE ACCOUNTING CYCLE: REPORTING FINANCIAL RESULTS OVERVIEW OF BRIEF EXERCISES, EXERCISES, PROBLEMS AND CRITICAL THINKING CASES Brief Exercises Topic Learning Objectives Skills B. Ex. 5.1 B. Ex.
PROFIT & LOSS BEFORE. INCOME Fleet Income 10 cars $ 75,000 Recommended tip $ 15,000 TOTAL. $ 90,000 PERSONNEL Gross Admin/accounting salaries $ 16,200
PROFIT & LOSS BEFORE INCOME Fleet Income 10 cars $ 75,000 Recommended tip $ 15,000 TOTAL $ 90,000 PERSONNEL Gross Admin/accounting salaries $ 16,200 Payroll taxes benefits processing $ 3,000 CHAUFFEURS
Financial Statement Consolidation
Financial Statement Consolidation We will consolidate the previously completed worksheets in this financial plan. In order to complete this section of the plan, you must have already completed all of the
Chapter 4 Adjustments, Financial Statements, and the Quality of Earnings
Chapter 4 Adjustments, Financial Statements, and the Quality of Earnings ANSWERS TO QUESTIONS 1. Adjusting entries are made at the end of the accounting period to record all revenues and expenses that
Accrual Accounting and the Financial Statements
Accrual Accounting and the Financial Statements 3 LEARNING OBJECTIVES SPOTLIGHT Le Château has been selling fashion apparel, footwear, and accessories in Canada for over 50 years. What started as a single,
How To Account For Revenue Under Accrual Accounting
BAT 4M: Chapter 3 ANSWERS TO QUESTIONS 01. (a) Under the time period assumption, an accountant is required to determine the relevance of each business transaction to specific accounting periods, and its
The Matching Concept and the Adjusting Process
The Matching Concept and the Adjusting Process o b j e c t i v e s After studying this chapter, you should be able to: 4 Explain how the matching concept relates to the accrual basis of accounting. Explain
SMART TOUCH LEARNING Balance Sheet May 31, 2013 $ 4,800. $ 48,700 Accounts receivable 2,600. 900 Inventory 30,500. 100 Supplies.
3 The Adjusting Process Are these balances correctly showing everything the company OWNS? SMART TOUCH LEARNING ance Sheet May 31, 2013 Are these balances correctly showing everything the company OWES?
MIDTERM EXAMINATION. Afaaq_tariq@yahoo.com. Fall 2009
MIDTERM EXAMINATION Afaaq_tariq@yahoo.com Fall 2009 FIN621- Financial Statement Analysis Asslam O Alikum FIN621- Financial Statement Analysis (Session 3) solved by Afaaq n Shani Bhai with reference n numerical
Midterm Fall 2012 Solution
Midterm Fall 2012 Solution Instructions: 1) Answers for the multiple-choice questions must be recorded on the UW answer card. All other questions must be answered in the space provided on the examination
Accg100 Accounting 1A. Lecture Notes
Accg100 Accounting 1A Lecture Notes Semester 2, 2012 1 Table of Contents Lecture Notes Page Week 1: Introduction to Accounting, Ethics, 3 Business Entities, Financial Statements Week 2: Accounting for
ACCOUNTING COMPETENCY EXAM SAMPLE EXAM. 2. The financial statement or statements that pertain to a stated period of time is (are) the:
ACCOUNTING COMPETENCY EXAM SAMPLE EXAM 1. The accounting process does not include: a. interpreting d. observing b. reporting e. classifying c. purchasing 2. The financial statement or statements that pertain
Self-test Comprehensive Problems II 综 合 自 测 题 II
Self-test Comprehensive Problems II 综 合 自 测 题 II Part One (30%) 1. Give the Chinese/English of the following terms: (5%) subsidiary ledger 统 制 账 户 purchase requisition 现 金 溢 缺 petty cash fund 永 续 盘 存 制
The Accounting Cycle Completed
5 The Accounting Cycle Completed Adjusting, Closing, and Post-Closing Trial Balance THE BIG PICTURE You are planning your school schedule for next term. Your goal is to take a full course load and find
Accounting Basics, Part 1
Accounting Basics, Part 1 Accrual, Double-Entry Accounting, Debits & Credits, Chart of Accounts, Journals and, Ledger Part 1 What s Here Introduction Business Types Business Organization Professional Advice
$101,114 $40,915 = 2.47
SOLUTION (concluded) 4. Working Capital = $101,114 $40,915 = $60,199 Current Ratio = $101,114 $40,915 = 2.47 DISCUSSION QUESTIONS Suggested Responses 1. Current assets are listed in the order of their
Chapter 1 Accounting in action
Chapter 1 Accounting in action What is Accounting Accounting is the financial information system that consists of three basic activities-it identifies, records, and communicates the economic events of
Chapter 3: Double-Entry Bookkeeping
Chapter 3: Double-Entry Bookkeeping Double-entry bookkeeping underpins accounting A way of systematically recording the financial transactions of a company so that each transaction is recorded twice. Basic
(a) (i) Marking Scheme: 1 mark for definition and 1 mark for example.
T A S M A N I A N Accounting C E R T I F I C A T E Subject Code ACC5C O F E D U C A T I O N Question 1 T A S M A N I A N Q U A L I F I C A T I O N S A U T H O R I T Y (a) (i) Marking Scheme: 1 mark for
Business Start Up Basics III
Business Start Up Basics III Intro to Accounting Presented by: Suzie Dills SBDC Business Consultant Agenda Key Objectives of the Course Brief History & Definition of Accounting General Ledger Double Entry
COMPLETING THE ACCOUNTING CYCLE
4 COMPLETING THE ACCOUNTING CYCLE objectives After studying this chapter, you should be able to: Review the seven basic steps of the accounting cycle. Prepare a work sheet. Prepare financial statements
CHAPTER 10 Financial Statements NOTE
NOTE In practice, accruals accounts and prepayments accounts are implied rather than drawn up. It is common for expense accounts to show simply a balance c/d and a balance b/d. The accrual or prepayment
Adjusting and Closing Entries
Adjusting and Closing Entries Adjusting and Closing entries tend to be difficult to grasp at first. A reason for this might be due to the type of transactions requiring adjustment, which tend to be unfamiliar.
CHAPTER 2 REVIEW OF THE ACCOUNTING PROCESS. Lecture Outline
CHAPTER 2 REVIEW OF THE ACCOUNTING PROCESS Overview Chapter 1 explained that the primary means of conveying financial information to investors, creditors, and other external users is through financial
WHY ADJUSTING JOURNAL ENTRIES? CHAPTER FIVE. ADJUSTING ENTRIES Page 145 MATCHING PRINCIPLE WHY ENDING BALANCE NOT CORRECT?
CHAPTER FIVE ADJUSTING ENTRIES Page 1 WHY ADJUSTING JOURNAL ENTRIES?! All amounts must be correct before financial statements printed! Test ending balance in each account! Auditing! Test accounting system,