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 Bloom’s 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 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 the 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 the trial balance. Moderate 30–40 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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