nobles_HorngrenAcct11_Ch03_working paper.pdf - HORNGREN'S...

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Chapter 2 / Exercise 2-3B
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HORNGREN'S ACCOUNTING - Eleventh Edition1.5.Under the revenue recognition principle, when is revenue recorded?What is the difference between cash basis accounting versus accrual basis accounting?Which method of accounting (cash or accrual basis) is consistent with Generally Accepted Accounting Principles?Which accounting concept or principle requires companies to divide their activities into small time segments such as months, quarters, or years?What is a fiscal year? Why might companies choose to use a fiscal year that is not a calendar year?2.3.4.Chapter 3: The Adjusting ProcessPage 1 of 117
We have textbook solutions for you!
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Accounting Using Excel for Success
The document you are viewing contains questions related to this textbook.
Chapter 2 / Exercise 2-3B
Accounting Using Excel for Success
Reeve/Warren
Expert Verified
HORNGREN'S ACCOUNTING - Eleventh Edition6.Under the matching principle, when are expenses recorded?7.8.What are the two basic categories of adjusting entries? Provide two examples of each.When are adjusting entries completed, and what is their purpose?Chapter 3: The Adjusting ProcessPage 2 of 117
HORNGREN'S ACCOUNTING - Eleventh Edition9.What is a deferred expense? Provide an example.10.What is the process of allocating the cost of a plant asset over its useful life called?11.What is a contra account?12.In the recording of depreciation expense, which account is credited?13.What does accumulated depreciation represent?Chapter 3: The Adjusting ProcessPage 3 of 117
HORNGREN'S ACCOUNTING - Eleventh Edition14.How is book value calculated, and what does it represent?15.What is a deferred revenue? Provide an example.16.What is an accrued expense? Provide an example.17.What is an accrued revenue? Provide an example.Chapter 3: The Adjusting ProcessPage 4 of 117
HORNGREN'S ACCOUNTING - Eleventh Edition18.What are the two rules to remember about adjusting entries?19.When is an adjusted trial balance prepared, and what is its purpose?20.If an accrued expense is not recorded at the end of the year, what is the impact on the financial statements?Chapter 3: The Adjusting ProcessPage 5 of 117
HORNGREN'S ACCOUNTING - Eleventh Edition21.What is a worksheet, and how is it used to help prepare an adjusted trial balance?22A.23A.If a payment of a prepaid expense was recorded under the alternative treatment, what account would be debited at the time of payment?If a payment of a prepaid expense was recorded under the alternative treatment,what account would be debited in the adjusting entry?Chapter 3: The Adjusting ProcessPage 6 of 117
HORNGREN'S ACCOUNTING - Eleventh EditionS3-1

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