西方财务会计课后答案(第三章)

CHAPTER3AdjustingtheAccountsASSIGNMENTCLASSIFICATIONTABLEBriefABStudyObjectivesQuestionsExercisesExercisesProblemsProblems*1.Explainthetimeperiodassumption.1,2*2.Explaintheaccrualbasis3,4,51,6ofaccounting.*3.Explainwhyadjusting1,6,71entriesareneeded.*4.Identifythemajortypes8,9,10,182,82,7ofadjustingentries.*5.Prepareadjustingentriesforprepayments.8,9,10,11,12,13,3,4,5,62,3,4,5,6,7,8,9,1A,2A,3A,1B,2B,3B,18,19,20114A,5A,6A4B,5B*6.Prepareadjustingentriesforaccruals.8,14,15,16,17,18,72,3,4,5,6,7,8,9,1A,2A,3A,1B,2B,3B,19,20114A,5A,6A4B,5B*7.Describethenatureand219,103,4,5,6,1A,2A,1B,2B,purposeofanadjustedtrialbalance.7,8,9,103A,5A,6A3B,5B*8.Prepareadjustingentries2211126Aforthealternativetreatmentofprepayments.*Note:AllasteriskedQuestions,Exercises,andProblemsrelatetomaterialcontainedintheappendix*tothechapter.3-1ASSIGNMENTCHARACTERISTICSTABLEProblemDifficultyTimeNumber1ADescriptionPrepareadjustingentries,posttoledgeraccounts,andLevelSimpleAllotted(min.)4050prepareanadjustedtrialbalance.2APrepareadjustingentries,post,andprepareanadjustedSimple5060trialbalanceandfinancialstatements.3A4A5APrepareadjustingentriesandfinancialstatements.Prepareadjustingentries.JournalizetransactionsandfollowthroughaccountingModerateModerateModerate405030406070cycletopreparationoffinancialstatements.*6A*Prepareadjustingentries,anadjustedtrialbalance,andModerate4050financialstatementsusingappendix.1BPrepareadjustingentries,posttoledgeraccounts,andSimple4050prepareanadjustedtrialbalance.2BPrepareadjustingentries,post,andprepareanadjustedSimple5060trialbalanceandfinancialstatements.3B4B5BPrepareadjustingentriesandfinancialstatements.Prepareadjustingentries.JournalizetransactionsandfollowthroughaccountingModerateModerateModerate405030406070cycletopreparationoffinancialstatements.3-2CorrelationChartbetweenBloom’sTaxonomy,StudyObjectivesandEnd-of-ChapterExercisesandProblemsStudyObjectiveQ3-1Q3-3Q3-4Q3-1Q3-6Q3-8Q3-9Q3-8Q3-9Q3-10Q3-11Q3-12Q3-13Q3-19Q3-20Q3-17Q3-18BE3-3BE3-4BE3-5BE3-6E3-2E3-3E3-4E3-5E3-6E3-7E3-8E3-9E3-11P3-1AP3-2AP3-3AQ3-10Q3-18BE3-2BE3-8E3-7E3-2P3-4AE3-11P3-5AP3-6AP3-1BP3-2BP3-3BP3-4BP3-5BQ3-7BE3-1Q3-5E3-6Q3-2E3-1KnowledgeComprehensionApplicationAnalysisSynthesisEvaluation*1.Explainthetimeperiodassumption.*2.Explaintheaccrualbasisofaccounting.*3.Explainwhyadjustingentriesareneeded.*4.Identifythemajortypesofadjustingentries.*5.Prepareadjustingentriesforprepayments.*6.Q3-8Q3-14Q3-15Q3-19Q3-20Prepareadjustingentriesforaccruals.Q3-21CommunicationResearchCaseQ3-16Q3-18BE3-7E3-2E3-3E3-4E3-5E3-6BE3-9BE3-10E3-10E3-3E3-4E3-5E3-6E3-7E3-8Q3-22CookieChronicleE3-7E3-8E3-9E3-11P3-1AP3-2AP3-3AP3-4AE3-9P3-1AP3-2AP3-3AP3-5ABE3-11P3-6AE3-12P3-5AE3-11P3-6AP3-1BP3-2BP3-3BP3-4BP3-5BP3-6AP3-1BP3-2BP3-3BP3-5B*7.Describethenatureandpurposeofanadjustedtrialbalance.*8.Prepareadjustingentriesforthealternativetreatmentofprepayments.BroadeningYourPerspectiveGroupDecisionEthicsCaseFinancialReportingInterpretingCaseComparativeAnalysisFinancialInterpretingExploringtheWebStatementsFinancialGlobalFocusStatementsBLOOM'STAXONOMYTABLE3-3ANSWERSTOQUESTIONS1.(a)Underthetimeperiodassumption,anaccountantisrequiredtodeterminetherelevanceofeachbusinesstransactiontospecificaccountingperiods.(b)Anaccountingtimeperiodofoneyearinlengthisreferredtoasafiscalyear.AfiscalyearthatextendsfromJanuary1toDecember31isreferredtoasacalendaryear.Accountingperiodsoflessthanoneyeararecalledinterimperiods.2.3.4.5.6.7.8.9.10.11.Thetwogenerallyacceptedaccountingprinciplesthatrelatetoadjustingtheaccountsare:Therevenuerecognitionprinciple,whichstatesthatrevenueshouldberecognizedintheaccountingperiodinwhichitisearned.Thematchingprinciple,whichstatesthatefforts(expenses)bematchedwithaccomplishments(revenues).ThelawfirmshouldrecognizetherevenueinApril.Therevenuerecognitionprinciplestatesthatrevenueshouldberecognizedintheaccountingperiodinwhichitisearned.Informationpresentedonanaccrualbasisismoreusefulthanonacashbasisbecauseitrevealsrelationshipsthatarelikelytobeimportantinpredictingfutureresults.Toillustrate,underaccrualaccounting,revenuesarerecognizedwhenearnedsotheycanberelatedtotheeconomicenvironmentinwhichtheyoccur.Trendsinrevenuesarethusmoremeaningful.Expensesof$4,500shouldbedeductedfromtherevenuesinApril.Underthematchingprincipleefforts(expenses)shouldbematchedwithaccomplishments(revenues).No,adjustingentriesarerequiredbytherevenuerecognitionandmatchingprinciples.Atrialbalancemaynotcontainup-to-dateinformationforfinancialstatementsbecause:(1)Someeventsarenotjournalizeddailybecauseitisinexpedienttodoso.(2)Theexpirationofsomecostsoccurswiththepassageoftimeratherthanasaresultofrecurringdailytransactions.(3)Someitemsmaybeunrecordedbecausethetransactiondataarenotknown.Thetwocategoriesofadjustingentriesareprepaymentsandaccruals.Prepaymentsconsistofprepaidexpensesandunearnedrevenues.Accrualsconsistofaccruedrevenuesandaccruedexpenses.Intheadjustingentryforaprepaidexpense,anexpenseisdebitedandanassetiscredited.No.Depreciationistheprocessofallocatingthecostofanassettoexpenseoveritsuseful