CHAPTER 4 - CHAPTER4 CompletionoftheAccountingCycle

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CHAPTER 4 Completion of the Accounting Cycle ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises A Problems B Problems * 1. Prepare a work sheet. 1, 2, 3, 4, 5 1, 2, 3 1, 2, 4, 5 1A, 2A, 3A, 4A, 5A 1B, 2B, 3B, 4B, 5B * 2. Explain the process of closing the books. 6, 7, 11, 12 4, 5, 6 3, 6, 8, 11 1A, 2A, 3A, 4A, 5A 1B, 2B, 3B, 4B, 5B * 3. Describe the content and purpose of a post-closing trial balance. 8, 9 7 3, 6 1A, 2A, 3A, 4A, 5A 1B, 2B, 3B, 4B, 5B * 4. State the required steps in the accounting cycle. 10, 11, 12 8 11 5A 5B * 5. Explain the approaches to preparing correcting entries. 13 9 9 6A * 6. Identify the sections of a classified balance sheet. 14, 15, 16, 17, 18, 19, 20 10 2, 7, 10 1A, 2A, 3A, 4A, 5A 1B, 2B, 3B, 4B, 5B *7. Prepare reversing entries. 10, 21, 22 11 11 * Note: All asterisked Questions, Exercises, and Problems relate to material contained in the appendix * to the chapter.
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ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Prepare a work sheet, financial statements, and adjusting and closing entries. Simple 40-50 2A Complete work sheet and prepare financial statements, closing entries, and post-closing trial balance. Moderate 50-60 3A Prepare financial statements, closing entries, and post- closing trial balance. Moderate 40-50 4A Complete work sheet, prepare a classified balance sheet, adjusting and closing entries, and post-closing trial balance. Moderate 50-60 5A Complete all steps in the accounting cycle. Complex 70-90 6A Analyze errors and prepare correcting entries and trial balance. Moderate 40-50 1B Prepare a work sheet, financial statements, and adjusting and closing entries. Simple 40-50 2B Complete work sheet and prepare financial statements, closing entries, and post-closing trial balance. Moderate 50-60 3B Prepare financial statements, closing entries, and post- closing trial balance. Moderate 40-50 4B Complete work sheet, prepare a classified balance sheet, adjusting and closing entries, and post-closing trial balance. Moderate 50-60 5B Complete all steps in the accounting cycle. Complex 70-90 Comprehensive Problem: Chapters 2 to 4
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BLOOM’S TAXONOMY TABLE
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ANSWERS TO QUESTIONS 1. No. A work sheet is not a permanent accounting record. The use of a work sheet is an optional step in the accounting cycle. 2. The work sheet is merely a device used to make it easier to prepare adjusting entries and the financial statements. 3. The amount shown in the adjusted trial balance column for an account equals the account balance in the ledger after adjusting entries have been journalized and posted. 4. The net income of $12,000 will appear in the income statement debit column and the balance sheet credit column. A net loss will appear in the income statement credit column and the balance sheet debit column. 5.
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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 4 - CHAPTER4 CompletionoftheAccountingCycle

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