3rd Edition

ISBN: 9780077506902

Author: David J Spieceland Wayne Thomas Don Herrmann

Publisher: Mcgraw-Hill

Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities

Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…

Final Accounts

Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.

Ledger Posting

A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…

Trial Balance and Final Accounts

In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…

Adjustment Entries

At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…

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Textbook Question

Chapter 2, Problem 2.1E

Listed below are several terms and phrases associated with the measurement process for external transactions.

Identify terms associate with the measurement process (LO2–1)

List A

List B

_____ 1. Account

_____ 2. Analyze transactions

_____ 3. Journal

_____ 4. Post

_____ 5. Trial balance

a. Record of all transactions affecting a company.

b. Determine the dual effect of business events on the accounting equation.

c. List of accounts and their balances.

d. Summary of the effects of all transactions related to a particular item over a period of time.

e. Transfer balances from the journal to the general ledger.

Required:

Pair each item from List A with the item from List B to which it is most appropriately associated.

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Chapter 2, Problem 2.12BE

Chapter 2, Problem 2.2E

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Listed below are several terms and phrases associated with the measurement process for external transactions. List A List B _______1. Account a. Record of all transactions affecting a company. _______2. Analyze transactions b. Determine the dual effect of business events on the accounting equation. _______3. Journal c. List of accounts and their balances. _______4. Post d. Summary of the effects of all transactions related to a particular item over a period of time _______5. Trial balance e. Transfer balances from the journal to the general ledger. Required:Pair each item from List A with the item from List B to which it is most appropriately associated.

Which of the following is not a part of the functions of the accounting system? Select one: O a. Reporting the results of operations during a reporting period O b. Classifying and summarizing the effects of the transactions on the accounting elements O c. Analyzing and recording the business transactions of the enterprise. O d. Preparing financial statements that are favorable to the data-users.

Directions: THE EVENTS COMMON TO THE ACCOUNTING FUNCTION OF A BUSINESS ENTITY ARE LISTED BELOW. ON THE NUMBERED SPACES PROVIDED, PLACE THE LETTERS OF THE EVENTS IN THE SEQUENCE IN WHICH THEY WOULD LOGICALLY OCCUR, 1 BEING THE FIRST, AND 10 THE LAST. ACCOUNTING FUNCTIONS A – Determining ledger account balances F – Posting from the journal to the ledger B – Analyzing the transactions G – Preparing a business document C – Preparing the Statement of Financial H – Preparing a Statement of Comprehensive Position Income D – Preparing the trial balance I - Journalizing the transactions E – Occurrence of a business transactions J - Preparing the statement of owner’s equity

Chapter 2 Solutions

Financial accounting

Ch. 2 - Prob. 1RQ Ch. 2 - 2.List the steps we use to measure external...Ch. 2 - 3.Each external transaction will have a dual...Ch. 2 - 4.Describe the impact of each of these external...Ch. 2 - Prob. 5RQ Ch. 2 - Prob. 6RQ Ch. 2 - Prob. 7RQ Ch. 2 - Prob. 8RQ Ch. 2 - Prob. 9RQ Ch. 2 - 10.Suzanne knows that an increase to an expense...

Ch. 2 - 11.What is a journal? What is a journal entry?Ch. 2 - Prob. 12RQ Ch. 2 - Prob. 13RQ Ch. 2 - Prob. 14RQ Ch. 2 - 15.Describe the events that correspond to the...Ch. 2 - 16.What does a T-account represent? What is the...Ch. 2 - Prob. 17RQ Ch. 2 - Prob. 18RQ Ch. 2 - Prob. 19RQ Ch. 2 - 20.If total debits equal total credits in the...Ch. 2 - List steps in the measurement process (LO21) Below...Ch. 2 - Balance the accounting equation (LO22) Using the...Ch. 2 - Suppose a local company has the following balance...Ch. 2 - Analyze the Impact of transactions on the...Ch. 2 - Understand the effect of debits and credits on...Ch. 2 - Prob. 2.6BE Ch. 2 - Record transactions (LO24) The following...Ch. 2 - Prob. 2.8BE Ch. 2 - Analyze T-accounts (LO25) Consider the following...Ch. 2 - Prob. 2.10BE Ch. 2 - Prob. 2.11BE Ch. 2 - Correct a trial balance (LO26) Your study partner...Ch. 2 - Listed below are several terms and phrases...Ch. 2 - Prob. 2.2E Ch. 2 - Analyze the Impact of transactions on the...Ch. 2 - Analyze the Impact of transactions on the...Ch. 2 - Understand the components of retained earnings...Ch. 2 - Indicate the debit or credit balance of accounts...Ch. 2 - Associate debits and credits with external...Ch. 2 - Prob. 2.8E Ch. 2 - Identify transactions (LO24) Below are recorded...Ch. 2 - Prob. 2.10E Ch. 2 - Record transactions (LO24) Bearcat Construction...Ch. 2 - Correct recorded transactions (LO24) Below are...Ch. 2 - Correct recorded transactions (LO24) Below are...Ch. 2 - Prob. 2.14E Ch. 2 - Post transactions to T-accounts (LO25) Consider...Ch. 2 - Identify transaction (LO25) Below are T-accounts....Ch. 2 - Prob. 2.17E Ch. 2 - Prepare o trial balance (LO26) Below is the...Ch. 2 - Prob. 2.19E Ch. 2 - Prob. 2.20E Ch. 2 - Below is a list of activities for Jayhawk...Ch. 2 - Prob. 2.2AP Ch. 2 - Prob. 2.3AP Ch. 2 - Prob. 2.4AP Ch. 2 - Refer to the transactions described in P24A. Keep...Ch. 2 - Prob. 2.6AP Ch. 2 - Prob. 2.7AP Ch. 2 - Prob. 2.8AP Ch. 2 - Prob. 2.9AP Ch. 2 - Analyze the impact of transactions on the...Ch. 2 - Prob. 2.2BP Ch. 2 - Prob. 2.3BP Ch. 2 - Record transactions (LO24) Flip Side of P25B Eli...Ch. 2 - Prob. 2.5BP Ch. 2 - Prob. 2.6BP Ch. 2 - Prob. 2.7BP Ch. 2 - Prob. 2.8BP Ch. 2 - Prob. 2.9BP Ch. 2 - Prob. 2.1APCP Ch. 2 - Prob. 2.2APFA Ch. 2 - Prob. 2.3APFA Ch. 2 - Prob. 2.4APCA Ch. 2 - Prob. 2.5APE Ch. 2 - Prob. 2.6APIR Ch. 2 - Prob. 2.7APWC

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