CHAPTER 4 THE ACCOUNTING CYCLE: ACCRUALS AND DEFERRALS OVERVIEW OF BRIEF EXERCISES, EXERCISES, PROBLEMS, AND CRITICAL THINKING CASES Brief Exercises B. Ex. 4.1 B. Ex. 4.2 B. Ex. 4.3 B. Ex. 4.4 B. Ex. 4.5 B. Ex. 4.6 B. Ex. 4.7 B. Ex. 4.8 B. Ex. 4.9 B. Ex. 4.10 Learning Objectives 3, 4 3, 4 3 3 6 4 5 5 5 8 Topic Deferred expenses and revenue Deferred expenses and revenue Accounting for supplies Accounting for depreciation Accrued revenue Unearned revenue Accrued salaries Accrued interest Accrued
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called adjusting entries, are made to ensure that the company's financial records adhere to the revenue recognition and matching principles. Adjusting entries are necessary because a single transaction may affect revenues or expenses in more than one accounting period and also because all transactions have not necessarily been documented during the period. Each adjusting entry usually affects one income statement account such as a revenue or expense account and one balance sheet account. For example if
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ROi Accounting Cycle Ronald D. Provinge ACC 421 July 25, 2011 Howard Pickering ROi Accounting Cycle The Sisters of Mercy Health System began in 1831 and includes 26 hospitals, more than 36,000 coworkers, and more than 4,600 medical staff members. The not-for-profit health organization services seven states with total assets exceeding four billion. Resource Optimization and Innovation (ROi) is one of many divisions Mercy owns. Responsible for the supply chain side of Mercy, ROi employs more
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Steps in the accounting cycle (black font = manual system, yellow font = AIS) Computerized AIS (highlighted in yellow) 1. Economic event – transaction Record transaction in a journal (JOURNALIZE) Journals: a. sales – all sales on account/credit sales (SALES TRANSACTION FILE) b. purchases-all purchases on account/credit purchases (PURCHASES TRANSACTION FILE) c. cash receipts-all transaction where any cash was received even if it is only part of the transaction (CASH RECEIPTS TRANSACTION
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Accounting Cycle Paper Stacy Keyser University of Phoenix ACC/421 Cito Vanges January 9, 2012 Howard County Accounting Overview I work for the Howard County Health Department in the Fiscal Department as the Accounts Payable. I have been working for the health department for three years. The Health Department is divided up between the state and the county. What this means is that we have to provide financial documents to
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Accounting Cycle Paper ACC/421 Accounting Cycle Paper In this paper I will outline the purpose of both accounting and financial reporting within an organization in general. I will also give a description of the people, processes, and systems that are a part of the accounting and financial reporting processes followed by a conclusion. Purpose of Accounting The purpose of accounting to gather and report on any financial information within the organization about things such as: the performance
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Accounting Cycle Paper ACC421 June 3, 2013 Accounting Cycle Paper Although I work for a major corporation, Walgreens, I have nothing to do with the accounting department or the cycle. I will however use this paper to explain the accounting cycle as well as the people that would be involved within the cycle. Generally the people involved in the accounting cycle would be record-keepers, accounting clerks; financial managers as well as staff accountants all have a hand in the parts of the accounting
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REQUIREMENT #1: | | | | | | | | | | | | During its first month of operation, the Parkview Landscaping Corporation, which specializes in residential landscaping, | | | | completed the following transactions: | | | | | | | | | | | | | | | | | | | | | | | | | July 1 | x | Began business by making a deposit in a company bank account of $24,000, in exchange | | | | | | | for 4,800 shares of $5 par value common stock. | | | | | | | | | |
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Accounting Cycle Yesenia Arroyo AC114 June 24, 2014 Dr. Tonjua McCullough Accounting Cycle I. Introduction II. Accounting in Action a. Identify b. Record c. Communicate III. Accounting Cycle d. Analyze Transactions e. Journalize the Transactions f. Post to Ledger Accounts g. Prepare a Unadjusted Trial Balance h. Journalize and Post Adjusting Entries i. Prepare an Adjusted Trial Balance j. Prepare Financial Statement
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Accounting Cycle Accounting Cycle For all types of businesses, transactions take place. Transactions vary from such things as sales, expenses, wages, purchases, and receivables. These transactions are maintained in various journals and ledgers and tell the financial story of the business. The process of maintaining this financial story is called the Accounting Cycle. Evaluation There are ten steps involved in completing the accounting cycle. They are as follows: “(1) Transactions are
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