ch03 - CHAPTER 3 The Accounting Information System...

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Unformatted text preview: CHAPTER 3 The Accounting Information System ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems 1. Transaction identification. 1, 2, 3, 5 1, 2 1, 2, 3, 4, 19 1 2. Nominal accounts. 4, 7 3. Trial balance. 6, 13 2, 3, 4 1, 2, 7 4. Adjusting entries. 8, 14, 16, 17 3, 4, 5, 6, 7, 8, 9, 10 5, 6, 7, 8, 9, 10, 22 1, 2, 3, 4, 5, 6, 7, 8, 9, 11 5. Financial statements 11, 12, 25, 26 1, 2, 4, 6 6. Closing. 15 12 13, 14, 18 1, 4, 8, 9, 11 7. Inventory and cost of goods sold. 9, 10, 11, 12 11 12, 14, 15, 16 8. Comprehensive accounting cycle. 1, 2, 6, 11 *9. Cash vs. Accrual Basis 18, 19, 20 13 20, 21 10 *10. Reversing entries. 21 14 22 *11. Worksheet 22 23, 24, 25 11 *These topics are dealt with in the Appendix to the Chapter. 3-1 ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE) Learning Objectives Brief Exerci ses Exerci ses Probl ems 1. Understand basic accounting terminology. 2. Explain double-entry rules. 3. Identify steps in accounting cycle. 4. Record transactions in journals, post to ledger accounts, and prepare a trial balance. 1, 2, 3, 4, 5, 6, 7 1, 2, 3, 4, 19 1, 4, 8, 9 5. Explain the reasons for preparing adjusting entries. 3, 4, 5, 6, 7, 8, 9, 10 5, 6, 7, 8, 9, 10, 22 2, 3, 4, 5, 6, 7, 8, 9, 11 6. Prepare financial statements from the adjusted trail balance. 11, 12 1, 2, 4, 6, 7, 8, 9, 11 7. Prepare closing entries. 12 13, 14, 18 1, 4, 8, 9, 11 8. Explain how to adjust inventory accounts at year-end. 11 15, 16, 17 *9. Differentiate the cash basis of accounting from the accrual basis of accounting. 13 20, 21 10 *10. Identify adjusting entries that may be reversed. 14 22 *11. Prepare a 10-column worksheet. 23, 24, 25 11 *These topics are dealt with in the Appendix to the Chapter. 3-2 ASSIGNMENT CHARACTERISTICS TABLE 3-3 It e m Description Level of Difficu lty Time (minut es) E 3- 1 Transaction analysis–service company. Simple 15–20 E 3- 2 Corrected trial balance. Simple 10–15 E 3- 3 Corrected trial balance. Simple 15–20 E 3- 4 Corrected trial balance. Simple 10–15 E 3- 5 Adjusting entries. Moder ate 10–15 E 3- 6 Adjusting entries. Moder ate 15–20 E 3- 7 Analyze adjusted data. Compl ex 15–20 E 3- 8 Adjusting entries. Moder ate 10–15 E 3- 9 Adjusting entries. Moder ate 15–20 E 3- 10 Adjusting entries. Compl ex 25–30 E 3- 11 Prepare financial statements. Moder ate 20–25 E 3- 12 Prepare financial statements. Moder ate 20–25 E 3- 13 Closing entries. Simple 10–15 E 3- 14 Closing entries. Moder ate 10–15 E 3- 15 Missing amounts. Simple 10–15 E 3- 16 Find missing amounts–periodic inventory. Moder ate 20–25 3-4 E 3- 17 Cost of goods sold–periodic inventory. Moder ate 10–15 E 3- 18 Closing entries for a corporation. Moder ate 10–15 E 3- 19 Transactions of a corporation, including investment and dividend....
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ch03 - CHAPTER 3 The Accounting Information System...

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