CHAPTER 3

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

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Unformatted text preview: CHAPTER 3 The Accounting Information System Study Objectives 1. Analyze the effect of business transactions on the basic accounting equation. 2. Explain what an account is and how it helps in the recording process. 3. Define debits and credits and explain how they are used to record business transactions. 4. Identify the basic steps in the recording process. 5. Explain what a journal is and how it helps in the recording process. 6. Explain what a ledger is and how it helps in the recording process. 7. Explain what posting is and how it helps in the recording process. 8. Explain the purpose of a trail balance. Summary of Questions by Study Objectives and Blooms Taxonomy Item SO BT Item SO BT Item SO BT Item SO BT Item SO BT Questions 1. 4 C 6. 3 C 10. 3 K 14. 4 K 18. 6 C 2. 1 C 7. 3 C 11. 3 K 15. 5 K 19. 8 C 3. 1 C 8. 3 C 12. 3 K 16. 5 K 20. 7 K 4. 1 K 9. 3 K 13. 3 K 17. 5 AP 21. 8 AN 5. 2 K Brief Exercises 1. 1 C 4. 3 K 7. 4 C 9. 5 AP 11. 8 AP 2. 1 AP 5. 3 C 8. 4 C 10. 7 AP 12. 8 AP 3. 1 AP 6. 5 AP Exercises 1. 1 C 5. 1 AP 8. 5 AP 11. 5, 8 AP 14. 8 AN 2. 1 AP 6. 3, 5 AP 9. 7, 8 AP 12. 7, 8 AP 15. 8 AP 3. 1 AP 7. 3 C 10. 1, 5, 7 AP 13. 5, 8 AP 16. 3 K 4. 1 AP Problems: Set A 1. 1 AP 5. 3, 5, 6, 7, 8 AP 6. 3, 5, 6, 7, 8 AP 7. 8 AN 9. 8 AN 2. 1 AP 8. 3, 5, 6, 7, 8 AP 3. 1 AP 4. 3, 5 AP Problems: Set B 1. 1 AP 5. 3, 5, 6, 7, 8 AP 6. 3, 5, 6, 7, 8 AP 7. 8 AN 9. 8 AN 2. 1 AP 8. 3, 5, 6, 7, 8 AP 3. 1 AP 4. 3, 5 AP 3-1 ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Analyze transactions and compute net income. Moderate 4050 2A Analyze transactions and prepare financial statements. Moderate 4050 3A Analyze transactions and prepare an income statement, retained earnings statement, and balance sheet. Moderate 5060 4A Journalize a series of transactions. Simple 2030 5A Journalize transactions, post, and prepare a trial balance. Simple 3040 6A Journalize transactions, post, and prepare a trial balance. Moderate 4050 7A Prepare a correct trial balance. Moderate 3040 8A Journalize transactions, post, and prepare a trial balance. Moderate 4050 9A Analyze errors and their effects on the trial balance Moderate 3040 1B Analyze transactions and compute net income. Moderate 4050 2B Analyze transactions and prepare financial statements. Moderate 4050 3B Analyze transactions and prepare an income statement, retained earnings statement, and balance sheet. Moderate 5060 4B Journalize a series of transactions. Simple 2030 5B Journalize transactions, post, and prepare a trial balance. Simple 3040 6B Journalize transactions, post, and prepare a trial balance. Moderate 4050 7B Prepare a correct trial balance. Moderate 3040 8B Journalize transactions, post, and prepare a trial balance. Moderate 4050 9B Analyze errors and their effects on the trial balance. Moderate 3040 3-2 ANSWERS TO QUESTIONS 1. The system of collecting and processing transaction data and communicating financial...
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CHAPTER 3 - CHAPTER 3 The Accounting Information System...

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