AC-101 V8 HW Solutions Chapter 3 ch03

AC-101 V8 HW Solutions Chapter 3 ch03 - CHAPTER 3 Adjusting...

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Unformatted text preview: CHAPTER 3 Adjusting the Accounts ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises A Problems B Problems * 1. Explain the time period assumption. 1 1 * 2. Explain the accrual basis of accounting. 2, 3, 4, 5 2, 3, 10 * 3. Explain the reasons for adjusting entries. 6, 7 1 * 4. Identify the major types of adjusting entries. 8, 18 2, 8 4, 6, 11 * 5. Prepare adjusting entries for deferrals. 8, 9, 10, 11, 12, 13, 18, 19, 20 3, 4, 5, 6 5, 6, 7, 8, 9, 10, 11, 12, 13, 15 1A, 2A, 3A, 4A, 5A, 6A 1B, 2B, 3B, 4B, 5B * 6. Prepare adjusting entries for accruals. 8, 14, 15, 16, 17, 18, 19, 20 7 5, 6, 7, 8, 9, 10, 11, 12, 13, 15 1A, 2A, 3A, 4A, 5A, 6A 1B, 2B, 3B, 4B, 5B * 7. Describe the nature and purpose of an adjusted trial balance. 21 9, 10 10, 11, 12, 13, 14 1A, 2A, 3A, 5A, 6A 1B, 2B, 3B, 5B *8. Prepare adjusting entries for the alternative treatment of deferrals. 22 11 16, 17 6A * Note: All asterisked Questions, Exercises, and Problems relate to material contained in the appendix to the chapter. 3-1 ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Prepare adjusting entries, post to ledger accounts, and prepare an adjusted trial balance. Simple 4050 2A Prepare adjusting entries, post, and prepare adjusted trial balance and financial statements. Simple 5060 3A Prepare adjusting entries and financial statements. Moderate 4050 4A Prepare adjusting entries. Moderate 3040 5A Journalize transactions and follow through accounting cycle to preparation of financial statements. Moderate 6070 *6A * Prepare adjusting entries, adjusted trial balance, and financial statements using appendix. Moderate 4050 1B Prepare adjusting entries, post to ledger accounts, and prepare an adjusted trial balance. Simple 4050 2B Prepare adjusting entries, post, and prepare adjusted trial balance and financial statements. Simple 5060 3B Prepare adjusting entries and financial statements. Moderate 4050 4B Prepare adjusting entries. Moderate 3040 5B Journalize transactions and follow through accounting cycle to preparation of financial statements. Moderate 6070 3-2 BLOOMS TAXONOMY TABLE 3-3 ANSWERS TO QUESTIONS 1. (a) Under the time period assumption, an accountant is required to determine the relevance of each business transaction to specific accounting periods. (b) An accounting time period of one year in length is referred to as a fiscal year. A fiscal year that extends from January 1 to December 31 is referred to as a calendar year. Accounting periods of less than one year are called interim periods. 2. The two generally accepted accounting principles that relate to adjusting the accounts are: The revenue recognition principle, which states that revenue should be recognized in the accounting period in which it is earned....
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AC-101 V8 HW Solutions Chapter 3 ch03 - CHAPTER 3 Adjusting...

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