difference among accounts payable, notes payable, accrued expenses, depreciation, and amortization procedures. This week, you gain insight into the methods used for presentation and analysis of long-term liabilities and how those journal entries are calculated and recorded. During Week Two, you also prepare the necessary calculations and journal entries for depreciation and amortization. Liabilities OBJECTIVE: Differentiate among accounts payable, notes payable, and accrued expenses. Resource:
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EXPENDITURE CYCLE * AUDIT OBJECTIVES *CONTROLS * TESTS OF CONTROLS Note: in Achieving these audit objectives requires designing audit procedures to gather evidence that either corroborates or refutes management assertions. Expenditure Cycle Activities & Technologies • Purchases & Cash Disbursement System * DATA PROCESSING Department: Step 1: Purchasing Department Step 2: Receiving Department Step 3: Accounts Payable Department Step 4: Cash Disbursement Department AUTOMATED SYSTEM EFFECT: * Improved
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of Earnings ANSWERS TO QUESTIONS 1. Adjusting entries are made at the end of the accounting period to record all revenues and expenses that have not been recorded but belong in the current period. They update the balance sheet and income statement accounts at the end of the accounting period. 2. A trial balance is a list of the individual accounts, usually in financial statement order, with their debit or credit balances. It is used to provide a check on the equality of the debits
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AnswerNo.Description F1.Recording transactions. T2.Nominal accounts. F3.Real (permanent) accounts. F4.Internal event example. F5.Liability and stockholders’ equity accounts. F6.Debits and credits. F7.Steps in accounting cycle. T8.Purpose of trial balance. T9.General journal. F10.Posting and trial balance. T11.Adjusting entries for prepayments. T12.Example of accrued expense. F13.Book value of depreciable assets. T14.Reporting ending retained
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Complete Assignments Feature Story What Was Your Profit? The accuracy of the financial reporting system depends on answers to a few fundamental questions. At what point has revenue been earned? At what point is the earnings process complete? When have expenses really been incurred? During the 1990s' boom in the stock prices of dot-com companies, many dot-com companies earned most of their revenue from selling advertising space on their Web sites. To boost reported revenue, some dot-coms began swapping
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Chapter 2 Financial Statements and Cash Flow 财务报表与现金流量 2-0 Key Concepts and Skills • • • • • Understand the information provided by financial statements Differentiate between book and market values Know the difference between average and marginal tax rates Know the difference between accounting income and cash flow Calculate a firm’s cash flow 2-1 2.1 The Balance Sheet （资产负债表） An accountant’s snapshot of the firm’s accounting value at a specific point in time The
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| | | | | | | | | | | | | | | | | | | | |*2. Differentiate between | |5 | |2 | |3 | |2A, 3A | |2B, 3B | |the cash basis and the accrual basis of | | | | | |
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CHAPTER 4 Accrual Accounting Concepts Study Objectives 1. Explain the revenue recognition principle and the matching principle. 2. Differentiate between the cash basis and the accrual basis of accounting. 3. Explain why adjusting entries are needed, and identify the major types of adjusting entries. 4. Prepare adjusting entries for deferrals. 5. Prepare adjusting entries for accruals. 6. Describe the nature and purpose of the adjusted trial balance. 7. Explain the purpose
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CHAPTER 3 The Accounting Information System ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics 1. 2. 3. 4. Transaction identification. Nominal accounts. Trial balance. Adjusting entries. Questions 1, 2, 3, 5, 6, 7, 8 4, 7 6, 10 8, 11, 13, 14 3, 4, 5, 6, 7, 8, 9, 10 2, 3, 4 5, 6, 7, 8, 9, 10, 20 11, 12, 15, 22, 23 12 9 11 13, 14, 16 14, 15 1, 2, 6, 12 15, 16, 17 18 19 12 13 18, 19 20 21, 22, 23 12 11 1, 2, 7, 8 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 12 1, 2, 4, 6 1, 4, 9, 10, 12 Brief Exercises 1, 2 Exercises
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CHAPTER 3 The Accounting Information System ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics 1. 2. 3. 4. Transaction identification. Nominal accounts. Trial balance. Adjusting entries. Questions 1, 2, 3, 5, 6, 7, 8 4, 7 6, 10 8, 11, 13, 14 3, 4, 5, 6, 7, 8, 9, 10 2, 3, 4 5, 6, 7, 8, 9, 10, 20 11, 12, 15, 22, 23 12 9 11 13, 14, 16 14, 15 1, 2, 6, 12 15, 16, 17 18 19 12 13 18, 19 20 21, 22, 23 12 11 1, 2, 7, 8 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 12 1, 2, 4, 6 1, 4, 9, 10, 12 Brief Exercises 1, 2 Exercises
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