c03 SM int 11e

c03 SM int 11e - CHAPTER 3 REVIEW OF A COMPANYS ACCOUNTING...

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3-1 CHAPTER 3 REVIEW OF A COMPANY’S ACCOUNTING SYSTEM CONTENT ANALYSIS OF EXERCISES AND PROBLEMS Number Content Time Range (minutes) E3-1 Financial Statement Interrelationship . (Easy) Diagram. 5-10 E3-2 Journal Entries . (Easy) Sales, purchases, accounts payable. 5-10 E3-3 Journal Entries . (Moderate) Sales, purchases, accounts payable, accounts receivable. Post to t-accounts. 5-10 E3-4 Basic Income Statement . (Easy) Prepare simple income statement. 5-10 E3-5 Periodic Inventory System . (Easy) Prepare cost of goods sold schedule from selected accounts. 5-10 E3-6 Financial Statements . (Moderate) Prepare income statement, retained earnings statement, balance sheet, closing entries. 10-20 E3-7 Adjusting Entries . (Moderate) Bad debts, accruals, deferrals. 5-15 E3-8 Adjusting Entries . (Moderate) Recognizing necessary adjustments, journal entries. 10-15 E3-9 Adjusting Entries . (Easy) Record changes in trial balance accounts. 5-10 E3-10 Closing Entries . (Moderate) Prepare from ending account balances. 5-15 E3-11 Worksheet . (Moderate) Adjustments, income statement, retained earnings statement, balance sheet. Prepare financial statements from worksheet. 10-20 E3-12 Worksheet . (Moderate) Adjustments, income statement, retained earnings statement, balance sheet. Financial statement preparation. Closing entries. 15-20 E3-13 Reversing Entries . (Moderate) Recognizing and preparing appropriate reversals. 5-15 E3-14 Special Journals . (Easy) Indicate appropriate journal to record various transactions. 10-15 E3-15 (Appendix ). Cash-Basis Accounting . (Moderate) Prepare accrual-based income statement and balance sheet from cash-basis accounting records. 15-20
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3-2 Number Content Time Range (minutes) P3-1 Trial Balance . (Moderate) Journal entries, posting to general ledger, preparing trial balance. 90-120 P3-2 Financial Statements . (Moderate) Preparation of income statement, retained earnings statement, balance sheet from trial balance. Closing entries. 30-45 P3-3 Financial Statements . (Moderate) Preparation of income statement, retained earnings statement, balance sheet from trial balance. Closing entries. 30-45 P3-4 Adjusting Entries . (Moderate) Recognize, calculate, journalize adjustments. Accruals, deferrals, year-end. 15-30 P3-5 Adjusting Entries . (Challenging) Calculate and journalize accruals, deferrals, and year-end adjustments. 20-40 P3-6 Adjusting Entries . (Moderate) Determine by comparing trial balance and adjusted trial balance. Prepare necessary reversing entries. 20-40 P3-7 Adjusting Entries . (Challenging) Year-end adjustments to update trial balance accounts. 20-40 P3-8 Income Statement . (Moderate) Calculations, fill in the blanks. Periodic inventory system. 10-15 P3-9 Errors . (Moderate) Effect on net income, total assets, total liabilities, total stockholders' equity. 15-20 P3-10 Errors in Financial Statements . (Challenging) Indicate effect on net income, assets, liabilities, and stockholders' equity of various errors.
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This note was uploaded on 11/28/2009 for the course ACC 201 taught by Professor Blake during the Fall '09 term at Midlands Tech.

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c03 SM int 11e - CHAPTER 3 REVIEW OF A COMPANYS ACCOUNTING...

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