AC-101 V8 HW Solutions Chapter 4 ch04[1]

# AC-101 V8 HW Solutions Chapter 4 ch04[1] - CHAPTER 4...

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CHAPTER 4 Completing the Accounting Cycle ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises A Problems B Problems * 1. Prepare a worksheet. 1, 2, 3, 4, 5 1, 2, 3 1, 2, 3, 5, 6, 17 1A, 2A, 3A, 4A, 5A 1B, 2B, 3B, 4B, 5B * 2. Explain the process of closing the books. 6, 7, 11, 12 4, 5, 6 4, 7, 8, 11, 19 1A, 2A, 3A, 4A, 5A 1B, 2B, 3B, 4B, 5B * 3. Describe the content and purpose of a post-closing trial balance. 8, 9 7 4, 7, 8 1A, 2A, 3A, 4A, 5A 1B, 2B, 3B, 4B, 5B * 4. State the required steps in the accounting cycle. 10, 11, 12 8 10, 19 5A 5B * 5. Explain the approaches to preparing correcting entries. 13 9 12, 13 6A * 6. Identify the sections of a classified balance sheet. 14, 15, 16, 17, 18 10, 11 3, 9, 14 15, 16, 17 1A, 2A, 3A, 4A, 5A 1B, 2B, 3B, 4B, 5B *7. Prepare reversing entries. 10, 19, 20 12 18, 19 * Note: All asterisked Questions, Exercises, and Problems relate to material contained in the appendix * to the chapter. 4-1

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ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Prepare worksheet, financial statements, and adjusting and closing entries. Simple 40–50 2A Complete worksheet; prepare financial statements, closing entries, and post-closing trial balance. Moderate 50–60 3A Prepare financial statements, closing entries, and post- closing trial balance. Moderate 40–50 4A Complete worksheet; prepare classified balance sheet, entries, and post-closing trial balance. Moderate 50–60 5A Complete all steps in accounting cycle. Complex 70–90 6A Analyze errors and prepare correcting entries and trial balance. Moderate 40–50 1B Prepare worksheet, financial statements, and adjusting and closing entries. Simple 40–50 2B Complete worksheet; prepare financial statements, closing entries, and post-closing trial balance. Moderate 50–60 3B Prepare financial statements, closing entries, and post- closing trial balance. Moderate 40–50 4B Complete worksheet; prepare classified balance sheet, entries, and post-closing trial balance. Moderate 50–60 5B Complete all steps in accounting cycle. Complex 70–90 Comprehensive Problem: Chapters 2 to 4 4-2
BLOOM’S TAXONOMY TABLE 4-3

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ANSWERS TO QUESTIONS 1. No. A worksheet is not a permanent accounting record. The use of a worksheet is an optional step in the accounting cycle. 2. The worksheet is merely a device used to make it easier to prepare adjusting entries and the financial statements. 3. The amount shown in the adjusted trial balance column for an account equals the account balance in the ledger after adjusting entries have been journalized and posted. 4. The net income of \$12,000 will appear in the income statement debit column and the balance sheet credit column. A net loss will appear in the income statement credit column and the balance sheet debit column. 5.
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## This note was uploaded on 04/07/2008 for the course ACCOUNTING 101 taught by Professor Morreale during the Spring '08 term at Passaic County Community College.

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AC-101 V8 HW Solutions Chapter 4 ch04[1] - CHAPTER 4...

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