AC/FI U2
Accounting/finance unit 2
For this assignment, please answer the following chapters questions;
Ch 3- questions 3, 7, 9, 17 (a-r)
#3 - How are revenues and expenses defined under the accrual accounting method?
#7 - Explain what a prepaid expense is and how it is recorded on the ledger as a transaction.
#9 - Are transactions recorded on a fiscal-year basis or a calendar-year basis? Does it have to be one or the other; is so, why?
#17 - Ignore the given section. Show the transaction in journal entry form in each of the scenarios A through R.
A. "Collected on outstanding receivables". (Debit to Cash, and credit to Accounts Receivable.)
Dr. Cash $2,000,000
Cr. Accounts Rec. $2,000,000
Rubric
Unit Assignment
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Unit Assignment |
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Criteria |
Ratings |
Pts |
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This criterion is linked to a Learning OutcomeOrganization |
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6.0 pts |
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This criterion is linked to a Learning OutcomeComprehension of the assignment question |
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12.0 pts |
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This criterion is linked to a Learning OutcomeAccuracy of mathematical application and application |
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12.0 pts |
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Total Points: 30.0 |