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ID:23473584
大小:1.14 MB
页数:62页
时间:2018-11-08
《怀尔德会计学原理答案chapter-03》由会员上传分享,免费在线阅读,更多相关内容在应用文档-天天文库。
1、Chapter3AdjustingAccountsandPreparingFinancialStatementsQUESTIONS1.Thecashbasisofaccountingreportsrevenueswhencashisreceivedwhiletheaccrualbasisreportsrevenueswhentheyareearned.Thecashbasisreportsexpenseswhencashispaidwhiletheaccrualbasisreportsexpenseswhentheyareincurredandmatchedwithrevenu
2、estheygenerated.2.Theaccrualbasisofaccountinggenerallyprovidesabetterindicationofcompanyperformanceandfinancialconditionthandoesthecashbasis.Also,theaccrualbasisincreasesthecomparabilityoffinancialstatementsfromoneperiodtothenext.Thus,businessdecisionmakersgenerallyprefertheaccrualbasis.3.Bu
3、sinessesthathavemajorseasonalvariationsinsalesaremostlikelytoselectthenaturalbusinessyearasthefiscalyear.4.Aprepaidexpenseisanitempaidforinadvanceofreceivingitsbenefits.Assuch,itisreportedasanassetonthebalancesheet.5.Long-termtangibleplantassetssuchasequipment,buildings,andmachineryleadtoadj
4、ustmentsfordepreciation.Generally,landistheonlylong-termtangibleplantassetthatdoesnotrequiredepreciation.6.TheAccumulatedDepreciationcontraaccountisusedfordepreciation.Itprovidesfinancialstatementuserswithadditionalinformationabouttherelativeageoftheassets.Withoutthecontraaccountinformation,
5、thereaderwouldnotbeabletotellwhethertheassetsareneworinneedofreplacement.7.Unearnedrevenuereferstocashreceivedinadvanceofprovidingproductsandservices.Anothernameforunearnedrevenueisdeferredrevenue.Itisreportedasaliabilityonthebalancesheet.8.Accruedrevenueisrevenuethatisearnedbutisnotyetrecei
6、vedincash(and/orotherassets)andthecustomerhasnotbeenbilledpriortotheendoftheperiod.Therefore,end-of-periodadjustmentsaremadetorecordaccruedrevenue.Examplesareinterestincomethathasbeenearnedbutnotcollectedandrevenuesfromservicesperformedthatareneithercollectednorbilled.9.AIfprepaidexpensesare
7、initiallyrecordedwithdebitstoexpenseaccounts,thentheprepaidexpensesassetaccountsaredebitedintheadjustingentries.©McGraw-HillCompanies,2009179SolutionsManual,Chapter310.ForBestBuy,alloftheaccountsunderthecategoryofPropertyandEquipment(exceptforLand)
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