会计学原理23版 英文版教学书册Wild FAP 23e Ch03 IRM
会计学原理怀尔德
会计学原理怀尔德会计学原理是会计学的基础，它涵盖了会计学的基本概念、原则和方法，对于理解和掌握会计学的相关知识具有重要意义。
怀尔德（Wild）在其著作《会计学原理》中系统地阐述了会计学的基本原理和方法，以下是对该书及其会计学原理的详细介绍：一、作者及书籍信息•作者：约翰·怀尔德（John J. Wild）•书名：《会计学原理》•出版社：中国人民大学出版社（具体版本可能有所不同，如第25版等）二、会计学原理的主要内容怀尔德在《会计学原理》中详细阐述了会计学的基本原理，这些原理构成了会计学的框架和基础，指导着会计实践。
以下是一些主要原理：1.会计基本假设：o货币计量：企业的经济活动应以货币为计量单位进行记录和报告。
o企业实体：企业与其所有者应当被视为两个独立的经济实体。
o会计期间：企业的经济活动应当划分为若干个会计期间进行记录和报告。
o持续经营：企业应当被视为长期持续经营的。
2.会计基本原则：o会计等式：资产等于负债加所有者权益，这是会计学的基础等式。
o收入确认原则：企业应当在收入实现时确认收入，而不是在承诺或预期时确认。
o成本原则：企业应当以历史成本进行资产和负债的计量。
o货币计量原则（与会计基本假设中的货币计量相呼应）：企业应当以货币为计量单位进行记录和报告。
o全面收入原则：企业应当在一定会计期间内全面确认收入。
3.会计的基本约束：o成本效益约束：企业在进行会计信息披露时，应当考虑信息披露的成本和效益。
o专业判断约束：会计人员在进行专业判断时，应当遵循会计学原理和职业道德准则。
o时间约束：企业应当在一定时间内完成会计信息的记录和报告。
三、会计学原理的应用怀尔德在书中不仅阐述了会计学原理，还强调了这些原理在会计实践中的应用。
例如：•在财务会计中，企业需要遵循一系列会计原则和规则，以确保财务信息的真实性和公正性。
这些原则包括会计实体原则、持续经营原则、会计期间原则等。
•在管理会计中，企业需要关注成本控制、绩效评价等方面，并遵循成本-效益原则、信息反馈原则等。
会计学原理英文课件 (3)
Adjusting Accounts and Preparing Financial Statements
Chapter 3
PowerPoint Authors: Susan Coomer Galbreath, Ph.D., CPA Charles W. Caldwell, D.B.A., CMA Jon A. Booker, Ph.D., CPA, CIA Cynthia J. Rooney, Ph.D., CPA
3-7
C2
Recognizing Revenues and Expenses
The revenue recognition principle states that we recognize revenue when the product or service is delivered to our customer.
Summary of Expenses
Rent Gasoline Advertising Salaries Utilities and . . . . $1,000 500 2,000 3,000 450 ....
Now that we have recognized the revenue, let’s see what expenses we incurred to generate that revenue.
12/31 375
Accumulated Depreciation
12/31 375
3 - 17
P1
Depreciation
FastForward Partial Balance Sheet At December 31, 2013 Assets
Cash . Equipment Less: accumulated deprec. . . Total Assets
会计学原理英文课件 (3)
Companies recognize revenues when they perform services (rather than when they receive cash).
Expenses are recognized when incurred (rather than when paid).
3-12
LO 2
ETHICS INSIGHT
Cooking the Books?
Why Accuracy Krispy Kreme (USA) Matters
Allegations of abuse of the revenue recognition principle have become all too common in recent years. For example, it was alleged that Krispy Kreme (USA) sometimes doubled the number of doughnuts shipped to wholesale customers at the end of a quarter to boost quarterly results. The customers shipped the unsold doughnuts back after the beginning of the next quarter for a refund. Conversely, Computer Associates International (USA) was accused of backdating sales—that is, reporting a sale in one period that did not actually occur until the next period in order to achieve the earlier period’s sales targets.
会计学原理英文课件 (11)
11-3
LO 1
What Is a Current Liability?
Question
To be classified as a current liability, a debt must be expected to be paid within: a. one year. b. the operating cycle. c. 2 years.
Cash Sales Revenue Sales Tax Payable
10,600 10,000 600
11-10
LO 1
Sales Taxes Payable
Sometimes companies do not enter sales taxes separately in the cash register. Illustration: Cooley Grocery enters total receipts of $10,600. Because the amount received from the sale is equal to the sales price 100% plus 6% of sales, (sales tax rate of 6%), the journal entry is:
11-1
11
1 2 3
Current Liabilities and Payroll Accounting
Learning Objectives
Explain how to account for current liabilities. Discuss how current liabilities are reported and analyzed. Explain how to account for payroll.
WildFAP23eCh07-会计信息系统
5.
F
Account that is said to control a specific subsidiary ledger.
6.
E
Stores transaction data of individual suppliers.
7.
D
Stores transaction data of individual customers.
5
NEED-TO-KNOW 7-1
Match each of the numbered descriptions with the principle, component, or descriptor that it best reflects.
Indicate your answer by entering the letter A through J in the blank provided.
1.
J
Used to record all cash payments.
2.
I
Used to record all credit purchases.
3.
H
Used to record all receipts of cash.
4.
G
Used to record sales of inventory on credit.
6
Learning Objective C2:
Explain the goals and uses of special journals.
7
7 -8
Special Journals in Accounting
Exhibit 7.3
Learning Objective C2: Explain the goals and uses of special journals.
《会计学原理》原版教辅 FAP18e_Ch003
Analytical Chapter Objectives
A1: Explain how accounting adjustments link to financial statements
A2: Compute profit margin and describe its use in analyzing company performance
© The McGraw-Hill Companies, Inc., 2007
C1
The Accounting Period
1
2
3
4
Quarterly
1
2
3
4
5
67
89
10 11 12
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
C2 Accrual Basis vs. Cash Basis
Example:
FastForward paid $2,400 for a 24-month insurance policy beginning December 1, 2007.
Insurance Expense 2007
Jan
Feb
Jan
Feb
Mar
Apr
$May
$Jun
$Jul
$Aug
$Sep
$Oct
$Nov
$Dec
$ - $ - $ - $ 100
Insurance Expense 2008
Jan
Feb
Mar
Apr
$ 100 $ 100 $ 100 $ 100
May
Jun
Jul
会计学英文版ppt课件
accounts within the chart of accounts are numbered for use
as references.
Balance Sheet Accounts
accounts.
Prepare an unadjusted trial
balance and explain how it can be used to discover errors.
Using Accounts to Record Transactions
As a result,accounting systems are designed to show the increases and decreases in each accounting equation element as a separate record.This record is
accounts.
Describe and illustrate
journalizing transaction using the double-entry
accounting system.
Describe and illustrate the journalizing and
posting of transactions to
Examples ——wages expense, rent expense, utilities expense, supplies expense, and miscellaneous expense.
A chart of accounts should meet the needs of a company’s
会计英语Chapter03
会计英语Chapter03Summary of Questions by Difficulty Level (DL) and Learning Objective (LO) True/False Item DL LO Item DL LO Item DL LO1.Easy C1 23.Hard C2 46.Easy P12.Easy C1 24.Hard C2 47.Easy P13.Med C1 25.Hard C2 48.Easy P14.Med C1 26.Easy C3 49.Easy P15.Easy C2 27.Easy C3 50.Easy P16.Easy C2 28.Easy C3 51.Easy P17.Easy C2 29.Easy C3 52.Med P18.Med C2 30.Easy C3 53.Med P19.Med C2 31.Med C3 54.Med P110.Med C2 32.Med C3 55.Med P111.Med C2 33.Med C3 56.Med P112.Med C2 34.Med C3 57.Hard P113.Med C2 35.Med C3 58.Hard P114.Med C2 36.Hard C3 59.Hard P115.Med C2 37.Med A1 60.Hard P116.Med C2 38.Med A1 61.Easy P217.Med C2 39.Hard A1 62.Easy P218.Med C2 40.Hard A1 63.Easy P319.Med C2 41.Easy A2 64.Easy P320.Med C2 42.Easy A2 65.Med P321.Hard C2 43.Med A2 66.Med P322.Hard C2 44.Med A2 67.Easy P445.Hard A2 68.Easy P4Multiple ChoiceItem DL LO Item DL LO Item DL LO69.Easy C1 93. Easy P1 117. Hard P170.Med C1 94. Easy P1 118. Hard P171.Med C1 95. Med P1 119. Hard P172.Med C1 96. Med P1 120. Hard P173.Med C1 97. Med P1 121. Hard P174.Easy C2 98. Med P1 122. Hard P175.Easy C2 99. Med P1 123. Hard P176.Med C2 100. Med P1 124. Hard P177.Med C2 101. Med P1 125. Hard P178.Med C2 102. Med P1 126. Hard P179.Med C2 103. Med P1 127. Hard P180.Med C2 104. Med P1 128. Hard P181.Med C2 105. Med P1 129. Hard P182.Hard C2 106. Med P1 130. Hard P183.Hard C2 107. Med P1 131. Easy P284.Med C3 108. Med P1 132. Easy P285.Med A1 109. Med P1 133. Med P286.Hard A1 110. Med P1 134. Med P287.Hard A1 111. Med P1 135. Easy P388.Hard A1 112. Med P1 136. Med P389.Easy A2 113. Med P1 137. Med P390.Easy A2 114. Med P1 138. Med P491.Med A2 115. Med P1 139. Med P492.Med A2 116. Hard P1MatchingItem DL LO Item DL LO Item DL LO 140. Med C1,C2 141. Med C1-C3 142. Med P1 P1,P2,A2 P2,P3Short EssayItem DL LO Item DL LO Item DL LO 143. Med C1 148. Hard C3 153. Hard P1 144. Med C2 149. Hard A1 154. Hard P1,P4 145. Med C2 150. Hard A2 155. Easy P2 146. Med C3 151. Easy P1 156. Easy P3 147. Med C3 152. Hard P1 157. Med ProblemsItem DL LO Item DL LO Item DL LO 158. Hard A1 169. Med P1 180. Med P1 159. Hard A1 170. Med P1 181. Hard P2 160. Hard A1 171. Med P1 182. Med P3 161. Hard A1 172. Med P1 183. Med P3 162. Med A2 173. Med P1 184. Med P3 163. Med A2 174. Med P1 185. Med P3 164. Med A2 175. Med P1 186. Med P3 165. Easy P1 176. Med P1 187. Med P3 166. Easy P1 177. Hard P1,P2 188. Med P4 167. Med P1 178. Hard P1,P2 189. Med P4 168. Med P1 179. Hard P1,P4Completion ProblemsItem DL LO Item DL LO Item DL LO 190. Med C1 196. Med C3 202. Easy P1 191. Med C2 197. Med C3 203. Easy P1 192. Med C2 198. Med C3 204. Easy P1 193. Hard C2 199. Med C3 205. Easy P1 194. Med C3 200. Hard A1 206. Med P2 195. Med C3 201. Easy A2 207. Med P3ProblemsItem DL LO Item DL LO Item DL LO208. Med C2, A1 210 Hard C2,P1,P3 212. Hard C2, P1,P3209. Med A2 211. Hard A2True / False Questions1. A company's fiscal year must correspond with the calendar year.FALSEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: EasyLearning Objective: C12. The time period principle assumes that an organization's activities can be divided into specific time periods. TRUEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: EasyLearning Objective: C13. Interim statements report a company's business activities for a 1-year period.FALSEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: C14. A fiscal year refers to an organization's accounting period that spans twelve consecutive months or 52 weeks. TRUEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: C15. Adjusting entries are made after the preparation of financial statements.FALSEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: EasyLearning Objective: C26. Adjusting entries result in a better matching of revenues and expenses for the period. TRUEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: EasyLearning Objective: C27. Two main accounting principles used in accrual accounting are matching and full closure. FALSEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: EasyLearning Objective: C28. Adjusting entries are used to bring asset or liability accounts to their proper amount and update the related expense or revenue account.TRUEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: C29. The matching principle requires that revenue not be assigned to the accounting period in which it is earned.FALSEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: C210. The revenue recognition principle is the basis for making adjusting entries that pertain to unearned and accrued revenues.TRUEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: C211. The cash basis of accounting commonly results in financial statements that are not comparable from period to period.TRUEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: C212. Under the cash basis of accounting, no adjustments are made for prepaid, unearned, and accrued items.TRUEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: C213. Since the revenue recognition principle requires that revenues be earned, there are no unearned revenues in accrual accounting.FALSEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: C214. The matching principle requires that expenses get recorded in the same accounting period as the revenues that are earned as a result of the expenses, not when cash is paid.TRUEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: C215. The cash basis of accounting is an accounting system in which revenues are reported when cash is received and expenses are reported when cash is paid.TRUEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: C216. The cash basis of accounting recognizes revenues when cash payments from customers are received.TRUEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: C217. The accrual basis of accounting recognizes revenues when cash is received from customers.FALSEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: C218. The accrual basis of accounting recognized expenses when cash is paid.FALSEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: C219. Recording revenues early overstates current-period income; recording revenues late understates current period income. TRUEAACSB: AnalyticAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: C220. Recording expenses early overstates current-period income; recording expenses late understates current period income. FALSEAACSB: AnalyticAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: C221. Prior to recording adjusting entries at the end of an accounting period, some accounts may not show proper financial statement amounts even though all transactions were correctly recorded.TRUEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: HardLearning Objective: C222. A company paid $9,000 for a six-month insurance policy. The policy coverage began on February 1. On February 28, $150 of insurance expense must be recorded.FALSEExpense = $9,000/6 = $1,500AACSB: AnalyticAICPA BB: IndustryAICPA FN: MeasurementDifficulty: HardLearning Objective: C223. On October 15, a company received $15,000 cash as a down payment on a consulting contract. The amount was credited to Unearned Consulting Revenue. By October 31, 10% of the services required by the contract were completed. The company will record consulting revenue of $1,500 from this contract for October.TRUERevenue = $15,000 x 10% = $1,500AACSB: AnalyticAICPA BB: IndustryAICPA FN: MeasurementDifficulty: HardLearning Objective: C224. The accrual basis of accounting reflects the principle that revenue is recorded when it is earned, not when cash is received.TRUEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: HardLearning Objective: C225. The accrual basis of accounting requires adjustments to recognize revenues in the periods they are earned and to match expenses with revenues.TRUEDifficulty: HardLearning Objective: C226. Adjusting entries are designed primarily to correct accounting errors.FALSEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: EasyLearning Objective: C327. Adjustments are necessary to bring an asset or liability account to its proper amount and also update a related expense or revenue account.TRUEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: EasyLearning Objective: C328. Each adjusting entry can only affect a balance sheet account.FALSEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: EasyLearning Objective: C329. Accrued expenses at the end of one accounting period are expected to result in cash payments in a future period. TRUEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: EasyLearning Objective: C330. Accrued revenues at the end of one accounting period are expected to result in cash payments in a future period. FALSEDifficulty: EasyLearning Objective: C331. Each adjusting entry affects only one or more income statement account and never cash. FALSEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: C332. Accrued expenses reflect transactions where cash is paid before a related expense is recognized.FALSEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: C333. Under the accrual basis of accounting, adjustments are often made for prepaid expenses and unearned revenues. TRUEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: C334. The entry to record a cash receipt from a customer when the service to be provided has not yet been performed involvesa debit to an unearned revenue account.FALSEAACSB: AnalyticAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: C335. Costs incurred during an accounting period but that are unpaid and unrecorded are accrued expenses.TRUEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: C336. An adjusting entry often includes an entry to Cash.FALSEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: HardLearning Objective: C337. Before an adjusting entry is made to recognize the cost of expired insurance for the period, Prepaid Insurance and Insurance Expense are both overstated.FALSEAACSB: AnalyticAICPA BB: IndustryAICPA FN: MeasurementDifficulty: MediumLearning Objective: A138. Before an adjusting entry is made to accrue employee salaries, Salaries Expense and Salaries Payable are both understated.TRUEAACSB: AnalyticAICPA BB: IndustryAICPA FN: MeasurementDifficulty: MediumLearning Objective: A139. Failure to record depreciation expense will overstate the asset and understate the expense. TRUEAACSB: AnalyticAICPA BB: IndustryAICPA FN: MeasurementDifficulty: HardLearning Objective: A140. A company's month-end adjusting entry for Insurance Expense is $1,000. If this entry is not made then expenses are understated by $1,000 and net income is overstated by $1,000. TRUEAACSB: AnalyticAICPA BB: IndustryAICPA FN: MeasurementDifficulty: HardLearning Objective: A141. Profit margin can also be called return on sales.TRUEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: EasyLearning Objective: A242. Profit margin measures the relation of debt to assets.FALSEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: EasyLearning Objective: A243. Profit margin reflects the percent of profit in each dollar of revenue.TRUEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: A244. Profit margin is calculated by dividing net sales by net income.FALSEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: A245. Ben and Jerry's had total assets of $149,501,000, net income of $6,242,000, and net sales of $209,203,000. Its profit margin was 2.98%.TRUE$6,242,000/$209,203,000 = 2.98%AACSB: AnalyticAICPA BB: IndustryAICPA FN: MeasurementDifficulty: HardLearning Objective: A246. A contra account is an account linked with another account; it is added to that account to show the proper amount for the item recorded in the associated account.FALSEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: EasyLearning Objective: P147. If on January 1, 2009 a company paid $18,000 cash for one year of rent in advance and adjusting entries are made at the end of each month, the balance of Prepaid Rent as of December 1, 2009 should be $1,500.TRUE$18,000 x 1/12 = $1,500AACSB: AnalyticAICPA BB: IndustryAICPA FN: MeasurementDifficulty: EasyLearning Objective: P148. Accumulated depreciation is shown on the balance sheet as a subtraction from the cost of its related asset.TRUEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: MeasurementDifficulty: EasyLearning Objective: P149. A salary owed to employees is an example of an accrued expense.TRUEAACSB: AnalyticAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: EasyLearning Objective: P150. In accrual accounting, accrued revenues are recorded as liabilities.FALSEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: EasyLearning Objective: P151. Depreciation expense is an example of an accrued expense.FALSEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: EasyLearning Objective: P152. Earned but uncollected revenues are recorded during the adjusting process with a credit to a revenue and a debit to an expense.FALSEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: P153. Depreciation expense for a period is the portion of a plant asset's cost that is allocated to that period.TRUEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: P154. All plant assets, including land, eventually wear out or decline in usefulness.FALSEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: P155. Net income for a period will be overstated if accrued salaries are not recorded at the end of the accounting period. TRUEAACSB: AnalyticAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: P156. Depreciation measures the decline in market value of an asset.FALSEAACSB: CommunicationsAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: MediumLearning Objective: P157. A company owes its employees $5,000 for the year ended December 31. It will pay employees on January 6 for the previous two weeks' salaries. The year-end adjusting on entry on December 31 will include a debit to Salaries Expense and a credit to Cash.FALSEAACSB: AnalyticAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: HardLearning Objective: P158. A company purchased $6,000 worth of supplies in August and recorded the purchase in the Supplies account. On August 31, the fiscal year-end, the supplies count equaled $3,200. The adjusting entry would include a $2,800 debit to Supplies. FALSEAACSB: AnalyticAICPA BB: IndustryAICPA FN: MeasurementDifficulty: HardLearning Objective: P1。
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
Copyright © 2017 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
3-1
CHAPTER 3 ADJUSTING ACCOUNTS FOR FINANCIAL STATEMENTS
Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Explain the importance of periodic reporting and the time period principle. 3 3-1 3-3, 3-4 3-2 3-1, 3-3, 3-4, 3-5, 3-8 C2. Explain accrual accounting and how it improves financial statements. 1, 2 3-2, 3-9 3-1 3-1, 3-3
C3. Identify the types of adjustments and their purpose. 5, 6, 7 3-3, 3-4 3-2 3-1, 3-4 3-6 Analytical objectives: A1. Explain how accounting adjustments link to financial statements. 4, 9, 10 3-13, 3-15, 3-16 3-4, 3-5, 3-8 3-2, 3-3, 3-4, 3-5, GL 3-2 3-1, 3-3, 3-6
A2. Compute profit margin and describe its use in analyzing company performance. 3-18 3-10 3-5 3-1, 3-2, 3-4, 3-5, 3-7 Procedural objectives: P1. Prepare and explain adjusting entries. 3-5, 3-6, 3-7, 3-8, 3-9, 3-10, 3-11, 3-12, 3-13, 3-14 3-3, 3-4, 3-5, 3-6, 3-7, 3-8 3-1, 3-2, 3-3, 3-4, 3-6, GL 3-2, SP, ES 3-6
P2. Explain and prepare an adjusted trial balance. 3-17 3-3, 3-4, GL 3-2, SP, ES P3. Prepare financial statements from an adjusted trial balance. 3-8, 3-9 3-3, 3-4, 3-5, SP, GL 3-2 P4A. Explain the alternatives in accounting for prepaids. (appendix 3A) 8 3-19 3-11, 3-12 3-6
*See additional information on next page that pertains to these quick studies, exercises and problems. SP refers to the Serial Problem GL refers to the General Ledger problem ES refers to Excel Simulations Copyright © 2017 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
3-2
Additional Information on Related Assignment Material Connect Available on the instructor’s course-specific website) repeats all numerical Quick Studies, all Exercises and Problems Set A. Connect also provides algorithmic versions for Quick Study, Exercises and Problems. It allows instructors to monitor, promote, and assess student learning. It can be used in practice, homework, or exam mode.
Connect Insight The first and only analytics tool of its kind, Connect Insight is a series of visual data displays that are each framed by an intuitive question and provide at-a-glance information regarding how an instructor’s class is performing. Connect Insight is available through Connect titles.
The Serial Problem for Success Systems continues in this chapter. General Ledger Assignable within Connect, General Ledger (GL) problems offer students the ability to see how transactions post from the general journal all the way through the financial statements. Critical thinking and analysis components are added to each GL problem to ensure understanding of the entire process. GL problems are auto-graded and provide instant feedback to the student.
Excel Simulations Assignable within Connect, Excel Simulations allow students to practice their Excel skills—such as basic formulas and formatting—within the context of accounting. These questions feature animated, narrated Help and Show Me tutorials (when enabled). Excel Simulations are auto-graded and provide instant feedback to the student.
Synopsis of Chapter Revisions NEW opener—re:char and entrepreneurial assignment. Streamlined accrual-basis vs cash-basis section. New box on how accounting is used to clawback false gains. Streamlined introduction to accounting adjustments. Continue to emphasize 3-step adjusting process. Simplified the ‘Explanation’ section for each adjustment. Enhanced Exhibit 3.12 on summary of adjustments. Sustainability section on how accounting aided funding of recycling business. Updated profit margin analysis using Limited Brands. Added one Quick Study and one Exercise. Updated Piaggio’s classified balance sheet. Copyright © 2017 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
3-3
Chapter Outline Notes I. Timing and Reporting A. The Accounting Period To provide timely information, accounting systems prepare reports at regular intervals.
1. Time-period principle assumes that an organization’s activities can be divided into specific time periods such as a month, a three-month quarter, a six-month interval, or a year for periodic reporting. Interim and annual financial statements can then be prepared. 2. Annual reporting period: