CHAPTER 3 - CHAPTER 3 The Accounting Information System...

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Unformatted text preview: CHAPTER 3 The Accounting Information System ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises A Problems B Problems 1. Analyze the effect of busi- ness transactions on the basic accounting equa- tion. 2, 3, 4 1, 2 1, 2, 3, 4, 10 1A, 2A, 3A 1B, 2B, 3B 2. Explain what an account is and how it helps in the recording process. 5 3. Define debits and credits and explain how they are used to record business transactions. 6, 7, 8, 9, 10, 11, 12, 13 3, 4 5, 7, 16 4A, 5A, 6A, 8A 4B, 5B, 6B, 8B 4. Identify the basic steps in the recording process. 1, 14, 20 6, 7 5. Explain what a journal is and how it helps in the recording process. 15, 16, 17 5, 8 6, 8, 10, 11, 13 4A, 5A, 6A, 8A 4B, 5B, 6B, 8B 6. Explain what a ledger is and how it helps in the recording process. 18 5A, 6A, 8A 5B, 6B, 8B 7. Explain what posting is and how it helps in the recording process. 9 9, 10, 12 5A, 6A, 8A 5B, 6B, 8B 8. Explain the purposes of a trial balance. 19, 21 10, 11 9, 11, 12, 13, 14, 15 5A, 6A, 7A, 8A, 9A 5B, 6B, 7B, 8B, 9B 3-1 ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Analyze transactions and compute net income. Moderate 40-50 2A Analyze transactions and prepare financial statements. Moderate 40-50 3A Analyze transactions and prepare an income statement, retained earnings statement, and balance sheet. Moderate 50-60 4A Journalize a series of transactions. Simple 20-30 5A Journalize transactions, post, and prepare a trial balance. Simple 30-40 6A Journalize transactions, post, and prepare a trial balance. Moderate 40-50 7A Prepare a correct trial balance. Moderate 30-40 8A Journalize transactions, post, and prepare a trial balance. Moderate 40-50 9A Analyze errors and their effects on a trial balance Moderate 30-40 1B Analyze transactions and compute net income. Moderate 40-50 2B Analyze transactions and prepare financial statements. Moderate 40-50 3B Analyze transactions and prepare an income statement, retained earnings statement, and balance sheet. Moderate 50-60 4B Journalize a series of transactions. Simple 20-30 5B Journalize transactions, post, and prepare a trial balance. Simple 30-40 6B Journalize transactions, post, and prepare a trial balance. Moderate 40-50 7B Prepare a correct trial balance. Moderate 30-40 8B Journalize transactions, post, and prepare a trial balance. Moderate 40-50 9B Analyze errors and their effects on a trial balance Moderate 30-40 3-2 ANSWERS TO QUESTIONS 1. The system of identifying, recording, and communicating the economic events of an organiza- tion to interested users of the information is known as the accounting information system. The first step of the accounting process is therefore to identify events that are (a) considered evid- ence of economic activity that comes in the form of source documents and (b) relevant to a par- ticular business enterprise. Once identified and measured, the events are recorded to provide a permanent history of the financial activities of the organization. Recording consists of keeping a permanent history of the financial activities of the organization....
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This note was uploaded on 04/04/2009 for the course ACC 321 taught by Professor Ahmedmokhtar during the Spring '09 term at Ain Shams University.

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CHAPTER 3 - CHAPTER 3 The Accounting Information System...

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