ch04 - CHAPTER 4 Completing the Accounting Cycle ASSIGNMENT...

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Unformatted text preview: CHAPTER 4 Completing the Accounting Cycle ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises A Problems B Problems * 1. Prepare a worksheet. 1, 2, 3, 4, 5 1, 2, 3 1, 2, 3, 5, 6, 17 1A, 2A, 3A, 4A, 5A 1B, 2B, 3B, 4B, 5B * 2. Explain the process of closing the books. 6, 7, 11, 12 4, 5, 6 4, 7, 8, 11, 19 1A, 2A, 3A, 4A, 5A 1B, 2B, 3B, 4B, 5B * 3. Describe the content and purpose of a post-closing trial balance. 8, 9 7 4, 7, 8 1A, 2A, 3A, 4A, 5A 1B, 2B, 3B, 4B, 5B * 4. State the required steps in the accounting cycle. 10, 11, 12 8 10, 19 5A 5B * 5. Explain the approaches to preparing correcting entries. 13 9 12, 13 6A * 6. Identify the sections of a classified balance sheet. 14, 15, 16, 17, 18 10, 11 3, 9, 14 15, 16, 17 1A, 2A, 3A, 4A, 5A 1B, 2B, 3B, 4B, 5B *7. Prepare reversing entries. 10, 19, 20 12 18, 19 * Note: All asterisked Questions, Exercises, and Problems relate to material contained in the appendix * to the chapter. 4-1 ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Prepare worksheet, financial statements, and adjusting and closing entries. Simple 4050 2A Complete worksheet; prepare financial statements, closing entries, and post-closing trial balance. Moderate 5060 3A Prepare financial statements, closing entries, and post- closing trial balance. Moderate 4050 4A Complete worksheet; prepare classified balance sheet, entries, and post-closing trial balance. Moderate 5060 5A Complete all steps in accounting cycle. Complex 7090 6A Analyze errors and prepare correcting entries and trial balance. Moderate 4050 1B Prepare worksheet, financial statements, and adjusting and closing entries. Simple 4050 2B Complete worksheet; prepare financial statements, closing entries, and post-closing trial balance. Moderate 5060 3B Prepare financial statements, closing entries, and post- closing trial balance. Moderate 4050 4B Complete worksheet; prepare classified balance sheet, entries, and post-closing trial balance. Moderate 5060 5B Complete all steps in accounting cycle. Complex 7090 Comprehensive Problem: Chapters 2 to 4 4-2 BLOOMS TAXONOMY TABLE 4-3 ANSWERS TO QUESTIONS 1. No. A worksheet is not a permanent accounting record. The use of a worksheet is an optional step in the accounting cycle. 2. The worksheet is merely a device used to make it easier to prepare adjusting entries and the financial statements. 3. The amount shown in the adjusted trial balance column for an account equals the account balance in the ledger after adjusting entries have been journalized and posted. 4. The net income of $12,000 will appear in the income statement debit column and the balance sheet credit column. A net loss will appear in the income statement credit column and the balance sheet debit column....
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ch04 - CHAPTER 4 Completing the Accounting Cycle ASSIGNMENT...

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