ACG 2021 Lecture Notes - Lecture 4: Accounting Information System, Regional Policy Of The European Union, Intangible Asset

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28 Nov 2019
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CHAPTER 4
COMPLETION OF THE ACCOUNTING CYCLE
SUMMARY OF QUESTIONS BY OBJECTIVES AND BLOOM’S TAXONOMY
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True-False Statements
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Multiple Choice Questions
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Exercises
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Completion Statements
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a This topic is dealt with in an Appendix to the chapter; s Study Guide question.
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Test Bank for Accounting Principles, Sixth Edition
13- 2
SUMMARY OF STUDY OBJECTIVES BY QUESTION TYPE
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Study Objective 1
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Study Objective 2
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Study Objective 3
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Study Objective 4
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Study Objective 5
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Study Objective 6
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Study Objective 7
a30.
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Ex
Note: TF = True-False C = Completion
MC = Multiple Choice Ex = Exercise
The chapter also contains one set of ten Matching questions and four Short-Answer Essay
questions.
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Accounting For Partnerships
133
CHAPTER STUDY OBJECTIVES
1. Prepare a work sheet. The steps in preparing a work sheet are: (a) prepare a trial balance
on the work sheet, (b) enter the adjustments in the adjustment columns, (c) enter adjusted
balances in the adjusted trial balance columns, (d) extend adjusted trial balance amounts to
appropriate financial statement columns, and (e) total the statement columns, compute net
income (or net loss), and complete the work sheet.
2. Explain the process of closing the books. Closing the books occurs at the end of an
accounting period. The process is to journalize and post closing entries and then rule and
balance all accounts. In closing the books, separate entries are made to close revenues and
expenses to Income Summary, Income Summary to owner's capital, and owner's drawings
to owner's capital. Only temporary accounts are closed.
3. Describe the content and purpose of a post-closing trial balance. A post-closing trial
balance contains the balances in permanent accounts that are carried forward to the next
accounting period. The purpose of this trial balance is to prove the equality of these
balances.
4. State the required steps in the accounting cycle. The required steps in the accounting
cycle are: (a) analyze business transactions, (b) journalize the transactions, (c) post to
ledger accounts, (d) prepare a trial balance, (e) journalize and post adjusting entries, (f)
prepare an adjusted trial balance, (g) prepare financial statements, (h) journalize and post
closing entries, and (i) prepare a post-closing trial balance.
5. Explain the approaches to preparing correcting entries. One approach for determining
the correcting entry is to compare the incorrect entry with the correct entry. After
comparison, a correcting entry is made to correct the accounts. An alternative to a correcting
entry is to reverse the incorrect entry and then prepare the correct entry.
6. Identify the sections of a classified balance sheet. In a classified balance sheet, assets
are classified as current assets; long-term investments; property, plant, and equipment; or
intangibles. Liabilities are classified as either current or long-term. There is also an owner's
equity section, which varies with the form of business organization.
*7. Prepare reversing entries. Reversing entries are the opposite of the adjusting entry made
in the preceding period. They are made at the beginning of a new accounting period to
simplify the recording of later transactions related to the adjusting entry. In most cases, only
accrued adjusting entries are reversed.
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