Chapter Exercises week 1

Chapter Exercises week 1 - Chapter exercises 1 Chapter...

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Chapter exercises 1 Chapter Exercises Justin Grunigen ACC280 Harri Eloranta University of Phoenix – North Florida Campus Thursday, April 22, 2010
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Chapter exercises 2 Chapter Exercises Exercise 1-1 Categorize the tasks performed as relating to either the identification (I), recording (R), or communication (C) aspects of accounting. __I____Analyzing and interpreting information. __I____Classifying economic events. __C____Explaining uses, meaning, and limitations of data. __R____Keeping a systematic chronological diary of events. __R____Measuring events in dollars and cents. __C____Preparing accounting reports. __C____Reporting information in a standard format. __I____Selecting economic activities relevant to the company. __C____Summarizing economic events. Exercise 1-5 Classify each item as an asset, liability, or stockholders’ equity. Accounts payable - Liability Accounts receivable - Asset Cash - Asset Notes payable - Liability Cleaning equipment - Assets Salaries payable - Liability Cleaning supplies - Asset
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This note was uploaded on 03/21/2011 for the course ACC 280 taught by Professor Himmle during the Spring '09 term at University of Phoenix.

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Chapter Exercises week 1 - Chapter exercises 1 Chapter...

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