CHAPTER 2 - CHAPTER2 TheRecordingProcess...

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CHAPTER 2 The Recording Process ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises A Problems B Problems 1. Explain what an account is and how it helps in the recording process. 1 2. Define debits and credits and explain how they are used to record business transactions. 2, 3, 4, 5, 6, 7, 8, 9, 14 1, 2, 5 1, 3, 10 1A, 2A, 3A, 5A 1B, 2B, 3B, 5B 3. Identify the basic steps in the recording process. 10, 19 4 4. Explain what a journal is and how it helps in the recording process. 11, 12, 13, 14, 16 3, 6 2, 4, 6, 7, 8 1A, 2A, 3A, 5A 1B, 2B, 3B, 5B 5. Explain what a ledger is and how it helps in the recording process. 17 6. Explain what posting is and how it helps in the recording process. 15, 17 7, 8 5, 8 2A, 3A, 5A 2B, 3B, 5B 7. Prepare a trial balance and explain its purposes. 18, 20 9, 10 5, 6, 7, 9, 10 2A, 3A, 4A, 5A 2B, 3B, 4B, 5B
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ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Journalize a series of transactions. Simple 20-30 2A Journalize transactions, post, and prepare a trial balance. Simple 30-40 3A Journalize transactions, post, and prepare a trial balance and financial statements. Moderate 40-50 4A Prepare a correct trial balance. Moderate 30-40 5A Journalize transactions, post, and prepare a trial balance. Moderate 40-50 1B Journalize a series of transactions. Simple 20-30 2B Journalize transactions, post, and prepare a trial balance. Simple 30-40 3B Journalize and post transactions, prepare a trial balance, and determine the elements of financial statements. Moderate 40-50 4B Prepare a correct trial balance. Moderate 30-40 5B Journalize transactions, post, and prepare a trial balance. Moderate 40-50
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BLOOM’S TAXONOMY TABLE
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ANSWERS TO QUESTIONS 1. A T account has the following parts: (a) the title, (b) the left or debit side, and (c) the right or credit side. 2. Disagree. The terms debit and credit mean left and right respectively. 3. John is incorrect. The double-entry system merely records the dual effect of a transaction on the accounting equation. A transaction is not recorded twice; it is recorded once, with a dual effect. 4. Kathy is incorrect. A debit balance only means that debits amounts exceed credit amounts in an account. Conversely, a credit balance only means that credit amounts are greater than debit amounts in an account. Thus, a debit or credit balance is neither favorable nor unfavorable. 5. (a) Asset accounts are increased by debits and decreased by credits. (b) Liability accounts are decreased by debits and increased by credits. (c) Revenues and owner’s capital are increased by credit and decreased by debits. Expenses and owner’s drawing are increased by debits and decreased by credits. 6.
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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 2 - CHAPTER2 TheRecordingProcess...

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