chapter 3 final submission

chapter 3 final submission - chapter 3 part 1 homework...

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chapter 3 part 1 homework (questions 2,4,7,10,11,12, BE3-6, BE3-9) 2) a) Yes because it involves transfers of one account to another b) No because nothing has been transferred into accounts 4) They are called nominal accounts because they are not constant values and always change as time goes by unlike real accounts that never change. 7) a) Real, Balance sheet b) Real, Balance sheet c) Real, income statement d) Nominal, income statement e) real, balance sheet f) nominal, income statement g) nominal, income statement h) real, balance sheet 10) a) There is no difference in the accounts payable b) The expense does not exits anymore c) The revenues have changed usually increased d) Retained earnings accounts has also changed e) The amounts of cash remain the same
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11) Adjusting entries are expenses that are recorded at the end of an accounting period to follow the revenue recognition and match the principles. 12) The closing entries are entries made to the last balance sheet that give the picture of
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This note was uploaded on 04/14/2011 for the course ACCT 3202 taught by Professor Kenmichael during the Spring '11 term at University of Minnesota Duluth.

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chapter 3 final submission - chapter 3 part 1 homework...

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