Weyg_Finl_Ch05_SM_Final - © 2009 For Instructor Use Only...

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Unformatted text preview: © 2009 For Instructor Use Only 5-1 CHAPTER 5 Accounting for Merchandising Operations ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises A Problems B Problems * 1. Identify the differences between service and merchandising companies. 2, 3, 4 1 * 2. Explain the recording of purchases under a perpetual inventory system. 5, 6, 7, 8 2, 4 1, 2, 3 1A, 2A, 3A 1B, 2B, 3B * 3. Explain the recording of sales revenues under a perpetual inventory system. 9, 10, 11 2, 3 2, 3, 4 1A, 2A, 3A 1B, 2B, 3B * 4. Explain the steps in the accounting cycle for a merchandising company. 1, 12, 13, 14 5 5, 6, 7 2A, 4A 2B, 4B * 5. Distinguish between a multiple-step and a single- step income statement. 18, 19, 20 6, 7, 8 7, 8, 9, 10 3A, 4A 3B, 4B * 6. Explain the computation and importance of gross profit. 15, 16, 17 8, 10 9, 10 3A, 5A, 6A 3B, 5B, 6B 7. Determine cost of goods sold under a periodic system. 21 9, 10 11, 12, 13 5A, 6A, 7A 5B, 6B, 7B *8. Explain the recording of purchases and sales under a periodic inventory system. 22 11 14, 15 7A 7B *9. Prepare a worksheet for a merchandising company. 23 12 16, 17 * Note: All asterisked Questions, Exercises, and Problems relate to material contained in the appendices to the chapter. © 2009 For Instructor Use Only 5-2 ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Journalize purchase and sales transactions under a perpetual inventory system. Simple 20–30 2A Journalize, post, and prepare a trial balance. Simple 30–40 3A Journalize, post, and prepare a partial income statement. Simple 30–40 4A Prepare financial statements and adjusting and closing entries. Moderate 40–50 5A Determine cost of goods sold and gross profit under periodic approach. Moderate 40–50 6A Calculate missing amounts and assess profitability. Moderate 20–30 *7A Journalize, post, and prepare trial balance and partial income statement using periodic approach. Simple 30–40 *8A Complete accounting cycle beginning with a worksheet. Moderate 50–60 1B Journalize purchase and sales transactions under a perpetual inventory system. Simple 20–30 2B Journalize, post, and prepare a trial balance. Simple 30–40 3B Journalize, post, and prepare a partial income statement. Simple 30–40 4B Prepare financial statements and adjusting and closing entries. Moderate 40–50 5B Determine cost of goods sold and gross profit under periodic approach. Moderate 40–50 6B Calculate missing amounts and assess profitability. Moderate 20–30 *7B Journalize, post, and prepare trial balance and partial income statement using periodic approach. Simple 30–40 © 2009 For Instructor Use Only 5-3 B L O O M ’S T A X O N O M Y T A B L E © 2 9 F o r In s t r u c to r U s e O n ly 5- 3 Correlation Chart between Bloom’s Taxonomy, Study Objectives and End-of-Chapter Exercises and Problems Study Objective Knowledge Comprehension Application Analysis Synthesis Evaluation * 1. Identify the differences...
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This note was uploaded on 07/28/2010 for the course ACCOUNTING acct 4360 taught by Professor Robert during the Spring '10 term at Aarhus Universitet.

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Weyg_Finl_Ch05_SM_Final - © 2009 For Instructor Use Only...

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