FOR NYANYA (ONLY) ACCT200 - Wk 2 DQ & Exercises

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Week 2 – Reading, Discussion Questions and Homework Assignment

 

Week 2 - REQUIRED READING OBJECTIVE: 

 

Read Chapter  3 - Adjusting Accounts and Preparing Financial Statements

This chapter explains the timing of reports and the need to adjust accounts. Adjusting accounts is important for recognizing revenues and expenses in the proper period. We describe the adjusted trial balance and how it is used to prepare financial statements.

Explain the importance of periodic reporting and the time period assumption. (p. 94)

Explain accrual accounting and how it improves financial statements. (p. 95)

Identify the types of adjustments and their purpose. (p. 96) 

 

DISCUSSION QUESTION a minimum of 200-250 words required:  Due 1/14/15:

Chapter 3 Accrual Accounting Concepts

#4. How do you prepare financial statements using accrual concepts of accounting, including a classified balance sheet? 

 

Please complete the following homework to maximize your learning: Due 1/18/15

Chapter 3 Adjusting Entries and Preparing Financial Statements (all topics in this chapter must be covered)

Do Homework:  Exercises 3-3, 3-4, 3-7, and Problems 2-2A

Do BTN Activity:  BTN 3-7

 

Read Chapter 5 - Accounting for Merchandising Operations

This chapter emphasizes merchandising activities. We explain how reporting merchandising activities differs from reporting service activities. We also analyze and record merchandise purchases and sales transactions, and explain the adjustments and closing process for merchandisers.

Describe merchandising activities and identify income components for a merchandising company. (p. 182)

Identify and explain the inventory asset and cost flows of a merchandising company. (p. 183) 

 

DISCUSSION QUESTION a minimum of 200-250 words required:  Due 1/14/15:

Chapter 5 Accounting for Merchandising Operations

#1. Define and discuss Cost of Goods sold. 

 

Chapter 5  Accounting for Merchandising Operations (the appendix does not need to be covered) Due 1/18/15

Do Homework: Exercises 5-2, 5-3, 5-4, 5-6, 5-7 and 5-9 and Problems 5-2A

Do BTN Activity:  BTN 5-2

 

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