西方财务会计课后答案(第四章)

CHAPTER4CompletionoftheAccountingCycleASSIGNMENTCLASSIFICATIONTABLEBriefABStudyObjectives*1.Prepareaworksheet.Questions1,2,3,4,Exercises1,2,3Exercises1,2,4,5Problems1A,2A,3A,Problems1B,2B,3B,54A,5A4B,5B*2.Explaintheprocessofclosingthebooks.*3.Describethecontentand6,7,11,128,94,5,673,6,8,113,61A,2A,3A,4A,5A1A,2A,3A,1B,2B,3B,4B,5B1B,2B,3B,purposeofapost-closingtrialbalance.4A,5A4B,5B*4.Statetherequiredsteps10,11,128115A5Bintheaccountingcycle.*5.Explaintheapproachesto13996Apreparingcorrectingentries.*6.Identifythesectionsofaclassifiedbalancesheet.14,15,16,17,18,19,102,7,101A,2A,3A,4A,5A1B,2B,3B,4B,5B20*7.Preparereversingentries.10,21,221111*Note:AllasteriskedQuestions,Exercises,andProblemsrelatetomaterialcontainedintheappendix*tothechapter.4-1ASSIGNMENTCHARACTERISTICSTABLEProblemDifficultyTimeAllottedNumber1ADescriptionPrepareaworksheet,financialstatements,andadjustingLevelSimple(min.)4050andclosingentries.2ACompleteworksheetandpreparefinancialstatements,Moderate5060closingentries,andpost-closingtrialbalance.3APreparefinancialstatements,closingentries,andpost-Moderate4050closingtrialbalance.4ACompleteworksheet;prepareaclassifiedbalancesheet,Moderate5060adjustingandclosingentries,andpost-closingtrialbalance.5A6ACompleteallstepsintheaccountingcycle.AnalyzeerrorsandpreparecorrectingentriesandtrialComplexModerate70904050balance.1BPrepareaworksheet,financialstatements,andadjustingSimple4050andclosingentries.2BCompleteworksheetandpreparefinancialstatements,Moderate5060closingentries,andpost-closingtrialbalance.3BPreparefinancialstatements,closingentries,andpost-Moderate4050closingtrialbalance.4BCompleteworksheet;prepareaclassifiedbalancesheet,Moderate5060adjustingandclosingentries,andpost-closingtrialbalance.5BCompleteallstepsintheaccountingcycle.Complex7090ComprehensiveProblem:Chapters2to44-2CorrelationChartbetweenBloom’sTaxonomy,StudyObjectivesandEnd-of-ChapterExercisesandProblemsKnowledgeComprehensionBE4-1Q4-1Q4-2Q4-3Q4-4Q4-5BE4-3Q4-7BE4-4BE4-5BE4-6E4-3E4-6E4-3E4-6P4-2AE4-11P4-5AP4-5BBE4-9E4-9P4-6ABE4-10E4-2E4-7E4-10P4-2AP4-3AP4-2BP4-3BP4-1AP4-4AP4-5AP4-1BQ4-22BE4-11E4-11InterpretingFinancialReportingFinancialGroupDecisionCaseComparativeAnalysisStatementsGlobalFocusCookieCommunicationChronicleExploringtheWebResearchCaseEthicsCaseExploringtheWebP4-4BP4-5BP4-3AP4-1AP4-2BP4-4AP4-3BP4-5AP4-1BP4-4BP4-5BE4-8P4-2AP4-3AP4-2BP4-3BE4-11P4-1AP4-4AP4-5AP4-1BP4-4BP4-5BE4-1E4-2P4-2AP4-3AP4-2BP4-3BBE4-2E4-4E4-5P4-1AP4-4AP4-5AP4-1BP4-4BP4-5BApplicationAnalysisSynthesisEvaluationStudyObjective*1.Prepareaworksheet.*2.ExplaintheprocessofclosingQ4-6thebooks.Q4-11Q4-12*3.Describethecontentandpurposeofapost-closingtrialbalance.Q4-11Q4-12BE4-8Q4-13Q4-10Q4-8Q4-9BE4-7Q4-17Q4-18Q4-19Q4-20Q4-10Q4-21*4.Statetherequiredstepsintheaccountingcycle.*5.Explaintheapproachestopreparingcorrectingentries.*6.Identifythesectionsofaclas-Q4-14sifiedbalancesheet.Q4-15Q4-16*7.Preparereversingentries.BroadeningYourPerspectiveBLOOM'STAXONOMYTABLE4-3ANSWERSTOQUESTIONS1.2.3.4.5.No.Aworksheetisnotapermanentaccountingrecord.Theuseofaworksheetisanoptionalstepintheaccountingcycle.Theworksheetismerelyadeviceusedtomakeiteasiertoprepareadjustingentriesandthefinancialstatements.Theamountshownintheadjustedtrialbalancecolumnforanaccountequalstheaccountbalanceintheledgerafteradjustingentrieshavebeenjournalizedandposted.Thenetincomeof$12,000willappearintheincomestatementdebitcolumnandthebalancesheetcreditcolumn.Anetlosswillappearintheincomestatementcreditcolumnandthebalancesheetdebitcolumn.Formalfinancialstatementsareneededbecausethecolumnardataarenotproperlyarrangedandclassifiedforstatementpurposes.Forexample,thedividendsaccountislistedwithassets.6.(1)(2)(3)(4)(Dr)Individualrevenueaccountsand(Cr)IncomeSummary.(Dr)IncomeSummaryand(Cr)Individualexpenseaccounts.(Dr)IncomeSummaryand(Cr)RetainedEarnings(fornetincome).(Dr)RetainedEarningsand(Cr)Dividends.7.8.9.10.11.12.13.IncomeSummaryisatemporaryaccountthatisusedintheclosingprocess.Theaccountisdebitedforexpensesandcreditedforrevenues.Thedifference,eithernetincomeorloss,isthenclosedtotheretainedearningsaccount.Thepost-closingtrialbalancecontainsonlybalancesheetaccounts.Itspurposeistoprovetheequalityofthepermanentaccountbalancesthatarecarriedforwardintothenextaccountingperiod.Theaccountsthatwillnotappearinthepost-closingtrialbalanceareDepreciationExpense;Dividends;andServiceRevenue.Areversingentryistheexactopposite,bothinamountandinaccounttitles,ofanadjustingentryandismadeatthebeginningofthenewaccountingperiod.Reversingentriesareanoptionalstepintheaccountingcycle.Thestepsthatinvolvejournalizingare:(1)journalizethetransactions,(2)journalizetheadjustingentries,and(3)journalizetheclosingentries.Thethreetrialbalancesarethe:(1)trialbalance,(2)adjustedtrialbalance,and(3)post-closingtrialbalance.Correctingentriesdifferfromadjustingentriesbecausethey:(1)arenotarequiredpartoftheaccountingcycle,(2)maybemadeatanytime,and(3)mayaffectanycombinationofaccounts.4-4QuestionsChapter4(Continued)*14.Thestandardclassificationsinabalances