Financial Accounting
4th Edition
ISBN: 9781259307959
Author: J. David Spiceland, Wayne M Thomas, Don Herrmann
Publisher: McGraw-Hill Education
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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. |
a. Record of all transactions affecting a company. b. Determine the dual effect of business events on the 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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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. 1RQCh. 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. 5RQCh. 2 - Prob. 6RQCh. 2 - Prob. 7RQCh. 2 - Prob. 8RQCh. 2 - Prob. 9RQCh. 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. 12RQCh. 2 - Prob. 13RQCh. 2 - Prob. 14RQCh. 2 - 15.Describe the events that correspond to the...Ch. 2 - 16.What does a T-account represent? What is the...Ch. 2 - Prob. 17RQCh. 2 - Prob. 18RQCh. 2 - Prob. 19RQCh. 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. 2.6BECh. 2 - Record transactions (LO24) The following...Ch. 2 - Prob. 2.8BECh. 2 - Analyze T-accounts (LO25) Consider the following...Ch. 2 - Prob. 2.10BECh. 2 - Prob. 2.11BECh. 2 - Correct a trial balance (LO26) Your study partner...Ch. 2 - Listed below are several terms and phrases...Ch. 2 - Prob. 2.2ECh. 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. 2.8ECh. 2 - Identify transactions (LO24) Below are recorded...Ch. 2 - Prob. 2.10ECh. 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. 2.14ECh. 2 - Post transactions to T-accounts (LO25) Consider...Ch. 2 - Identify transaction (LO25) Below are T-accounts....Ch. 2 - Prob. 2.17ECh. 2 - Prepare o trial balance (LO26) Below is the...Ch. 2 - Prob. 2.19ECh. 2 - Prob. 2.20ECh. 2 - Below is a list of activities for Jayhawk...Ch. 2 - Prob. 2.2APCh. 2 - Prob. 2.3APCh. 2 - Prob. 2.4APCh. 2 - Refer to the transactions described in P24A. Keep...Ch. 2 - Prepare a trial balance (LO26) Below are the...Ch. 2 - Prob. 2.7APCh. 2 - Prob. 2.8APCh. 2 - Prob. 2.9APCh. 2 - Analyze the impact of transactions on the...Ch. 2 - Prob. 2.2BPCh. 2 - Prob. 2.3BPCh. 2 - Record transactions (LO24) Flip Side of P25B Eli...Ch. 2 - Prob. 2.5BPCh. 2 - Prob. 2.6BPCh. 2 - Prob. 2.7BPCh. 2 - Prob. 2.8BPCh. 2 - Prob. 2.9BPCh. 2 - Prob. 2.1APCPCh. 2 - Prob. 2.2APFACh. 2 - The Buckle, Inc. Financial Analysis Financial...Ch. 2 - Prob. 2.4APCACh. 2 - Prob. 2.5APECh. 2 - Prob. 2.6APIRCh. 2 - Prob. 2.7APWC
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Explain how the accounting equation organizes financial information using T-accounts and debits and credits.arrow_forwardACCOUNTING PROCESS Match the following steps of the accounting process with their definitions. Analyzinga. Telling the results Recordingb. Looking at events that have taken place and thinking about how they affect the business Classifying Summarizingc. Deciding the importance of the various reports Reportingd. Aggregating many similar events to provide information that is easy to understand Interpretinge. Sorting and grouping like items together f. Entering financial information into the accounting systemarrow_forwardList the classification of each of the following accounts as A (asset), L (liability), OE (owners equity), R (revenue), or E (expense). Write Debit or Credit to indicate the increase side, the decrease side, and the normal balance side. PART 1: The Accounting Cycle for a Service Business: Analyzing Business Transactionsarrow_forward
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- A __________ is a book in which business transactions are recorded. a. journal b. ledger c. trial balance d. balance sheetarrow_forwardWhich process of the accounting cycle often requires the most analytical thought? A. making a journal entry B. posting transactions to accounts C. summarizing the trial balance D. preparing the financial statementsarrow_forwardCHARACTERISTICS OF USEFUL INFORMATION All records in a file must be uniquely identifiable in at least one attribute, which is its primary key.Drawing on your general knowledge of accounting,identify the primary key for the following types ofaccounting records. To illustrate, the first record isdone for you.arrow_forward
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