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ch03
CHAPTER3
UnderstandingtheAccounting
InformationSystem
ASSIGNMENTCLASSIFICATIONTABLE(BYTOPIC)
Topics
Questions
BriefExercises
Exercises
Problems
1.
Transactionidentification.
1,2,3,5
1,2
1,2,3,4,19
1
2.
Nominalaccounts.
4,7
3.
Trialbalance.
6,13
2,3,4
1,2,7
4.
Adjustingentries.
8,14,16,17
3,4,5,6,7,
8,9,10
5,6,7,8,
9,10,22
1,2,3,4,5,6,7,8,9,11
5.
Financialstatements
11,12,25,26
1,2,4,6
6.
Closing.
15
12
13,14,18
1,4,8,9,11
7.
Inventoryandcost
ofgoodssold.
9,10,11,12
11
12,14,15,16
8.
Comprehensiveaccountingcycle.
1,2,6,11
*9.
Cashvs.AccrualBasis
18,19,20
13
20,21
10
*10.
Reversingentries.
21
14
22
*11.
Worksheet
22
23,24,25
11
*ThesetopicsaredealtwithintheAppendixtotheChapter.
ASSIGNMENTCLASSIFICATIONTABLE(BYLEARNINGOBJECTIVE)
LearningObjectives
BriefExercises
Exercises
Problems
1.Understandbasicaccountingterminology.
2.Explaindouble-entryrules.
3.Identifystepsinaccountingcycle.
4.Recordtransactionsinjournals,posttoledgeraccounts,andprepareatrialbalance.
1,2,3,4,
5,6,7
1,2,3,4,19
1,4,8,9
5.Explainthereasonsforpreparingadjustingentries.
3,4,5,6,
7,8,9,10
5,6,7,8,
9,10,22
2,3,4,5,6,7,8,9,11
6.Preparefinancialstatementsfromtheadjustedtrailbalance.
11,12
1,2,4,6,
7,8,9,11
7.Prepareclosingentries.
12
13,14,18
1,4,8,9,11
8.Explainhowtoadjustinventoryaccounts
atyear-end.
11
15,16,17
*9.Differentiatethecashbasisofaccountingfromtheaccrualbasisofaccounting.
13
20,21
10
*10.Identifyadjustingentriesthatmaybereversed.
14
22
*11.Preparea10-columnworksheet.
23,24,25
11
*ThesetopicsaredealtwithintheAppendixtotheChapter.
ASSIGNMENTCHARACTERISTICSTABLE
Item
Description
LevelofDifficulty
Time
(minutes)
E3-1
Transactionanalysis–servicecompany.
Simple
15–20
E3-2
Correctedtrialbalance.
Simple
10–15
E3-3
Correctedtrialbalance.
Simple
15–20
E3-4
Correctedtrialbalance.
Simple
10–15
E3-5
Adjustingentries.
Moderate
10–15
E3-6
Adjustingentries.
Moderate
15–20
E3-7
Analyzeadjusteddata.
Complex
15–20
E3-8
Adjustingentries.
Moderate
10–15
E3-9
Adjustingentries.
Moderate
15–20
E3-10
Adjustingentries.
Complex
25–30
E3-11
Preparefinancialstatements.
Moderate
20–25
E3-12
Preparefinancialstatements.
Moderate
20–25
E3-13
Closingentries.
Simple
10–15
E3-14
Closingentries.
Moderate
10–15
E3-15
Missingamounts.
Simple
10–15
E3-16
Findmissingamounts–periodicinventory.
Moderate
20–25
E3-17
Costofgoodssold–periodicinventory.
Moderate
10–15
E3-18
Closingentriesforacorporation.
Moderate
10–15
E3-19
Transactionsofacorporation,includinginvestment
anddividend.
Moderate
10–15
*E3-20
Cashtoaccrualbasis.
Moderate
15–20
*E3-21
Cashtoaccrualbasis.
Moderate
10–15
*E3-22
Adjustingandreversingentries.
Complex
20–25
*E3-23
Worksheet.
Simple
10–15
*E3-24
Worksheetandbalancesheetpresentation.
Moderate
20–25
*E3-25
Partialworksheetpreparation.
Moderate
10–15
P3-1
Transactions,financialstatements–servicecompany.
Moderate
25–35
P3-2
Adjustingentriesandfinancialstatements.
Moderate
35–40
P3-3
Adjustingentries.
Moderate
25–30
P3-4
Financialstatements,adjustingandclosingentries.
Moderate
40–50
P3-5
Adjustingentries.
Moderate
15–20
P3-6
Adjustingentriesandfinancialstatements.
Moderate
25–35
P3-7
Adjustingentriesandfinancialstatements.
Moderate
25–35
*P3-8
Adjustingandclosing.
Moderate
30–40
*P3-9
Adjustingandclosing.
Moderate
30–35
*P3-10
Cashandaccrualbasis.
Moderate
35–40
*P3-11
Worksheet,balancesheet,adjustingandclosingentries.
Complex
40–50
ANSWERSTOQUESTIONS
1.Examplesare:
(a)Paymentofanaccountspayable.
(b)Collectionofanaccountsreceivablefromacustomer.
(c)Transferofanaccountspayabletoanotepayable.
2.Transactions(a),(b),(d)areconsideredbusinesstransactionsandarerecordedintheaccountingrecordsbecauseachangeinassets,liabilities,orequitieshasbeeneffectedasaresultofatransferofvaluesfromonepartytoanother.Transactions(c)and(e)arenotbusinesstransactionsbecauseatransferofvalueshasnotresulted,norcantheeventbeconsideredfinancialinnatureandcapableofbeingexpressedintermsofmoney.
3.Transaction(a):
AccountsReceivable(debit),ServiceRevenue(credit).
Transaction(b):
Cash(debit),AccountsReceivable(credit).
Transaction(c):
OfficeSupplies(debit),AccountsPayable(credit).
Transaction(d):
DeliveryExpense(debit),Cash(credit).
4.RevenueandexpenseaccountsarereferredtoastemporaryornominalaccountsbecauseeachperiodtheyareclosedouttoIncomeSummaryintheclosingprocess.Theirbalancesarereducedtozeroattheendoftheaccountingperiod;therefore,thetermtemporaryornominalissometimesgiventotheseaccounts.
5.Thedouble-entrysystemmeansthatforeverydebitamounttheremustbeacreditamountandvice-versa.Atleasttwoaccountsareaffected.Itdoesnotmeanthateachtransactionmustberecordedtwice.
6.Althoughitisnotabsolutelynecessarythatatrialbalancebetakenperiodically,itiscustomaryanddesirable.Thetrialbalanceaccomplishestwoprincipalpurposes:
(1)Itteststheaccuracyoftheentriesinthatitprovesthatdebitsandcreditsofanequalamountareintheledger.
(2)Itprovidesalistofledgeraccountsandtheirbalanceswhichmaybeusedinpreparingthefinancialstatementsandinsupplyingfinancialdataabouttheconcern.
7.(a)Realaccount;balancesheet.
(b)Realaccount;balancesheet.
(c)Merchandiseinventoryisgenerallyconsideredarealaccountappearingonthebalancesheet.Ithastheelementsofanominalaccountwhentheperiodicinventorysystemisused.Itmayappearontheincomestatementwhenthemultiple-stepformatisused.
(d)Realaccount;balancesheet.
(e)Realaccount;balancesheet.
(f)Nominalaccount;incomestatement.
(g)Nominalaccount;incomestatement.
(h)Realaccount;balancesheet.
8.AtDecember31,thethreedays’wagesduetotheemployeesrepresentacurrentliability.Therelatedexpensemustberecordedinthisperiodtoproperlyreflecttheexpenseincurred.
9.(a)Inaservicecompany,revenuesareservicerevenuesandexpensesareoperatingexpenses.Inamerchandisingcompany,revenuesaresalesrevenuesandexpensesconsistofcostofgoodssoldplusoperatingexpenses.
(b)Themeasurementprocessinamerchandisingcompanyconsistsofcomparingthesalespriceofthemerchandiseinventorytothecostofgoodssoldandoperatingexpenses.
QuestionsChapter3(Continued)
10.ThepurposeoftheCostofGoodsSoldaccountistoactasaclearingaccountforbringingtogetherthoseitemsdirectlyaffectingcostofgoodssoldforthisperiod.Exampleofitemsthatwouldappearinthisaccountare:
(1)Purchases,
(2)PurchaseDiscounts,(3)PurchaseReturns,(4)PurchaseAllowances,(5)Transportation-in,(6)Inventory(beginning),and(7)Inventory(ending).Theendingbalancerepresentsthecostofgoodssold.
11.ThepurposeoftheCostofGoodsSoldaccountistoaccumulatethecostsofissuancesfrominventory.Inaperpetualinventorysystem,wheninventoryissold,CostofGoodsSoldisdebitedandInventoryiscredited.Attheendoftheperiod,CostofGoodsSoldisclosedtoIncomeSummary.
12.Onthebalancesheet,theeffectoftheerroris
(1)theequipmentaccountisunderstated,and
(2)theCapitalaccount(proprietorship–partnership)orRetainedEarnings(Corporation)isunderstated.Ontheincomestatement,
(1)purchasesandcostofgoodssoldareoverstatedand
(2)netincomeisunderstated.(Notetoinstructor:
Theinstructorshouldalsobereadytodiscusstheeffectthattheomissionofthedepreciationchargeonthecomputermighthave.)
13.(a)Nochange.
(b)Beforeclosing,balancesexistintheseaccounts;afterclosing,nobalancesexist.
(c)Beforeclosing,balancesexistintheseaccounts;afterclosing,nobalancesexist.
(d)Beforeclosing,abalanceexistsinthisaccountexclusiveofanydividendsortheincomeorlossfortheperiod;afterclosing,thebalanceisincreasedordecreasedbytheamountofnetincomeornetloss,anddecreasedbydividendsdeclared.
(e)Nochange.
14.Adjustingentriesarepreparedpriortothepreparationoffinancialstatementsinordertobringtheaccountsuptodateandarenecessary
(1)toachieveapropermatchingofrevenuesandexpensesinmeasuringincomeand
(2)toachieveanaccuratepresentationofassets,liabilitiesandstockholders’equity.
15.Closingentriesarepreparedtotransferthebalancesofnominalaccountstocapital(retainedearnings)aftertheadjustingentrieshavebeenrecordedandthefinancialstatementsprepared.Closingentriesarenecessarytoreducethebalancesinnominalaccountstozeroinordertopreparetheaccountsforthenextperiod’stransactions.
16.Cost–SalvageValue=DepreciableCost:
$3,000–$0=$3,000.DepreciableCost÷UsefulLife=DepreciationExpenseForOneYear$3,000÷5years=$600peryear.Theassetwasusedfor
6months(7/1–12/31),therefore1/2-yearofdepreciationexpenseshouldbereported.AnnualdepreciationX6/12=amounttobereportedon2007incomestatement:
$600X6/12=$300.
17.
December31
InterestReceivable
10,000
Inter
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