Tutorial solutions6.pdf - ACCY111 Student Workbook ACCY111 Accounting Fundamentals In Society Student Workbook – Tutor Version(with solutions This

Tutorial solutions6.pdf - ACCY111 Student Workbook ACCY111...

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ACCY111 Student Workbook 1 ACCY111: Accounting Fundamentals In Society Student Workbook Tutor Version (with solutions) This workbook is designed to assist students in the completion of weekly activities alongside the ACCY111 topics presented in the eBook found on students’ Moodle site, accessed via . Students are to read each topic in chronological order, and complete the corresponding activities in this workbook and in the case study DogStylez workbook. This workbook has been compiled by Dr Stephanie Perkiss, in the School of Accounting, Economic and Finance, Faculty of Business at the University of Wollongong. Information and questions in this workbook has been extracted from: Current ACCY111 offerings lecture and tutorial materials. With a note of appreciation to Dr Kathy Rudkin and Dr Sanja Pupovac. Hoggett, Edwards, Medlin, Chalmers, Hellmann, Beattie and Maxfield, Accounting 9th Edition, 2015, Wiley. Chwastiak, M. and Young, J. (2003) "Silences in Annual Reports", Critical Perspectives on Accounting , Vol. 14, pp.533-552. And other material where cited.
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ACCY111 Student Workbook 2 Topic 6 Questions Chapter five: Completing the Accounting Cycle Closing Entries This topic will aid in the completion of DogStylez the case study. Please refer to the case study and complete the closing entries and post-closing trial balance. Chapter five: discussion question 5.2 Compare and contrast the purposes of adjusting entries and closing entries Adjusting entries are made on the last day of each financial/reporting period in order to account for any accruals and deferrals arising from acceptance of the period assumption and the accrual basis of accounting. These entries are necessary to measure correctly the entity’s profits/performance and financial position, as opposed to the entity’s cash performance and cash position. Closing entries are made on the last day of the financial period in order to close off all temporary equity accounts, so that these accounts are given zero balances for the beginning of the new financial period. Temporary equity accounts consist of income (revenue), expenses, and drawings. These temporary accounts are used to determine the total value of such items for the current period. At the end of that period, they are closed into permanent equity accounts (capital or retained earnings) in preparation for the next period.
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