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1、ACCOUNTING MATCHING,1-1 Many accounting professionals work in one of the following three areas. A. Financial accountingB. Managerial accountingC. Tax accounting Identify the area of accounting that is most involved in each of the following responsibilities. Internal auditing. 5. Investigating violat
2、ions of tax laws. External auditing. 6. Planning transactions to minimize taxes. Cost accounting. 7. Preparing external financial statements. Budgeting. 8. Reviewing reports for SEC compliance.,1,1-2 Identify the following users as either external users (E) or internal users (I).,1-3 Match each of t
3、he numbered descriptions with the principle it best reflects. Indicate your answer by writing the letter for the appropriate principle in the blank space next to each description.,Specific accounting principle Objectivity principle Going-concern principle,General accounting principle Cost principle
4、Business entity principle Revenue recognition principle,Usually created by a pronouncement from an authoritative body. Financial statements reflect the assumption that the business continues operating. Derived from long-used and generally accepted accounting practices. Every business is accounted fo
5、r separately from its owner or owners. Revenue is recorded only when the earnings process is complete. Information is based on actual costs incurred in transactions. Financial statement data are supported by evidence other than someones opinion or belief. 1-4 Identify the items from the following li
6、st that are likely to serve as source documents. Sales ticket d. Telephone bill g. Balance sheet Income statement e. Invoice from supplier h. Prepaid insurance Trial balance f. Company revenue account i. Bank statement 1-5 Identify the financial statement(s) where each of the following items appears
7、. Use I for income statement, E for statement of owners equity, and B for balance sheet.,2,1-6 The following are common categories on a classified balance sheet.,Current assets Long-term investments Plant assets,Intangible assets Current liabilities Long-term liabilities,For each of the following it
8、ems, select the letter that identifies the balance sheet category where the item typically would appear. 1. Land not currently used in operations 5. Accounts payable 2. Notes payable (due in three years) 6. Store equipment 3. Accounts receivable 7. Wages payable 4. Trademarks 8. Cash 1-7 In the blan
9、k space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank.,12. Accumulated depreciationTrucks 13. Cash,14. Buildings 15. Store supplies 16. Office equipment 17. Land (used in opera
10、tions) 18. Repairs expense 19. Office supplies 20. Current portion of long-term note payable,1. Long-term investment in stock 2. Depreciation expenseBuilding 3. Prepaid rent 4. Interest receivable 5. Taxes payable 6. Automobiles 7. Notes payable (due in 3 years) 8. Accounts payable 9. Prepaid insura
11、nce 10. Owner, Capital 11. Unearned services revenue,1-8 In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classfication. If the item should not appear on the balance sheet, enter a Z in the blank. Current assets E. Current liabilities Long-term invest
12、ments F. Long-term liabilities Plant assets G. Equity,D. Intangible assets 1. Commissions earned 2. Interest receivable 3. Long-term investment in stock,11. Rent receivable 12. Salaries payable 13. Income taxes payable,4. Prepaid insurance 5. Machinery 6. Notes payable (due in 7. Copyrights,14. Owne
13、r, Capital 15. Office supplies 15 years) 16. Interest payable 17. Rent revenue,8. Current portion of long-term note payable 18. Notes receivable (due in 120 days) 9. Accumulated depreciationTrucks 19. Land (used in operations) 10. Office equipment 20. Depreciation expenseTrucks,EASSAY QUESTION What
14、is the purpose of accounting in society? Identify the four basic financial statements of a business. 2-3 What information is reported in an income statement? What information is reported in a balance sheet? Discuss the steps in processing business transactions. 2-6 What is a companys operating cycle
15、? 2-7 Why is the accrual basis of accounting generally preferred over the cash basis?,ACCOUNTING PRACTISES 3-1 Prepare journal entries for each of the following selected transactions. On January 13, DeShawn Tyler opens a landscaping business called Elegant Lawns by investing $70,000 cash along with
16、equipment having a $30,000 value. On January 21, Elegant Lawns purchases office supplies on credit for $280. On January 29, Elegant Lawns receives $7,800 cash for performing landscaping services. On January 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer.,3,4,3-2 The adjusted trial balance for Chiara Company as of December 31, 2008, follows. Debit Credit Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
