KISV_SM_CH03COMPLETE - 3-1CHAPTER 3 The Accounting...

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Unformatted text preview: 3-1CHAPTER 3 The Accounting Information System ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems 1. Transaction dentification. 1, 2, 3, 5 1, 2 1, 2, 3, 4, 5 1 2. Nominal accounts. 4, 7 3. Trial balance. 6, 13 3, 4, 5 1, 7, 9 4. Adjusting entries. 8, 14, 16, 17 3, 4, 5, 6, 7, 8, 9, 10 6, 7, 8, 9, 10, 11, 22 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 5. Financial statements 12, 13, 23 1, 2, 7, 8 6. Closing. 15 11 14, 15, 16 1, 2, 3, 4, 10 7. Inventory and cost of goods sold. 9, 10, 11, 12 12 17, 18, 19 8. Comprehensive accounting cycle. 1, 7, 8, 10 *9. Cash vs. Accrual Basis 18, 19, 20 13 20, 21 11 *10. Reversing entries. 21 14 22 *11. Worksheet 22 23, 24, 25 10 *These topics are dealt with in the Appendix to the Chapter. 3-2ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE) Learning Objectives Brief Exercises Exercises Problems 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, 5 1, 2, 3, 4 5. Explain the reasons for preparing adjusting entries. 3, 4, 5, 6, 7, 8, 9, 10 6, 7, 8, 9, 10, 11, 22 2, 3, 4, 5, 6, 7, 8, 9, 10 6. Prepare financial statements from the adjusted trail balance. 12, 13 1, 2, 3, 4, 7, 8, 9, 10 7. Prepare closing entries. 11 14, 15, 16 1, 2, 3, 4, 10 8. Explain how to adjust inventory accounts at year-end. 12 17, 18, 19 *9. Differentiate the cash basis of accounting from the accrual basis of accounting. 13 20, 21 11 *10. Identify adjusting entries that may be reversed. 14 22 *11. Prepare a 10-column worksheet. 23, 24, 25 10 *These topics are dealt with in the Appendix to the Chapter. 3-3ASSIGNMENT CHARACTERISTICS TABLE Item Description Level of Difficulty Time (minutes) E3-1 Transactions of a corporation, including investment and dividend. Moderate 1015 E3-2 Transaction analysisservice company. Simple 1520E3-3 Corrected trial balance. Simple 1015 E3-4 Corrected trial balance. Simple 1520 E3-5 Corrected trial balance. Simple 1015 E3-6 Adjusting entries. Moderate 1520 E3-7 Adjusting entries. Complex 2530 E3-8 Adjusting entries. Moderate 1015 E3-9 Adjusting entries. Moderate 1015 E3-10 Analyze adjusted data. Complex 1520 E3-11 Adjusting entries. Moderate 1520 E3-12 Prepare financial statements. Moderate 2025 E3-13 Prepare financial statements. Moderate 2025 E3-14 Closing entries for a corporation. Moderate 1015 E3-15 Closing entries. Moderate 1015 E3-16 Closing entries. Simple 1015 E3-17 Missing amounts. Simple 1015 E3-18 Cost of goods soldperiodic inventory. Moderate 1015 E3-19 Find missing amountsperiodic inventory. Moderate 2025 *E3-20 Cash to accrual basis. Moderate 1015 *E3-21 Cash to accrual basis. Moderate 1520 *E3-22 Adjusting and reversing entries. Complex 2025 *E3-23 Partial worksheet preparation. Moderate 1015 *E3-24 Worksheet. Worksheet....
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This note was uploaded on 03/29/2010 for the course FINANCE 0011100110 taught by Professor Shentingchun during the Spring '10 term at Nashville State Community College.

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KISV_SM_CH03COMPLETE - 3-1CHAPTER 3 The Accounting...

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