ACCOUNTING EXERCISE

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Questions to answer:

50-100 words per question

 

1-What item of financial or operating data appears on both the income statement and the retained earnings statement?

 

2-What item appears on both the balance sheet and the retained earnings statements?

 

3- What item appears on both the balance sheet and the statement of cash flows?

 

4-What is the difference between GASB and FASB?

 

5-Why are adjusting entries done at the end of the accounting period instead of at the beginning?

 

6- Why do the steps in the accounting cycle have to be done in order?

 

7-Dan’s Hardware is a small hardware store in the rural township of Twin Bridges. It rarely extends credit to its customers in the form of an account receivable. The few customers who are allowed to carry accounts receivable are long-time residents of Twin Bridges with a history of doing business at Dan’s Hardware. What method of accounting for uncollectible receivables should Dan’s Hardware use? Why?

 

8-Why should the responsibility for maintaining the accounting records be separated from the responsibility for operations?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  1. All assignments are to be in Times New Roman or Arial, 12-point font.
  2. All assignments are to be submitted in APA format.
  3. Late assignments will not be accepted unless permission has been obtained from the instructor in advance.
  4. Each assignment will be due on the date listed in Moodle unless stated otherwise.
  5. All final assignments, projects, and tests must be completed and submitted by the date shown in the course Schedule of Activities and Assignments section of the syllabus.
  6. All written assignments must be double-spaced, word processed, and submitted as requested by the due dates.
  7. Students are expected to submit high-quality assignments during this course. In this regard, students should ensure their submissions are edited and grammatically sound. The quality of the exposition and content will impact the grade of each assignment and subsequently the final course grade.

Top of Form

 Financial Statements: problems 1-2A, 1-5A.

 

1-2A

 

Bottom of Form

 

ANSWER:

 

 

 

 

 

 

 

 

 

 

1-2B

 

 

 

ANSWER: