CHAPTER 4

CHAPTER 4. Completing the Accounting Cycle ASSIGNMENT CLASSIFICATION TABLE. Brief A B. Study Objectives Questions Exercises Exercises Problems Problems *1. Prepare a worksheet. 1, 2, 3, 1, 2, 3 1, 2, 3, 1A, 2A, 3A, 1B, 2B, 3B, 4, 5 5, 6, 17 4A, 5A 4B, 5B. *2. Explain the process 6, 7, 4, 5, 6 4, 7, 8, 1A, 2A, 3A, 1B, 2B, 3B, of closing the books. 11, 12 11, 19 4A, 5A 4B, 5B. *3. Describe the content and 8, 9 7 4, 7, 8 1A, 2A, 3A, 1B, 2B, 3B, purpose of a post-closing 4A, 5A 4B, 5B. trial balance. *4. State the required steps 10, 11, 12 8 10, 19 5A 5B. in the accounting cycle. *5. Explain the approaches 13 9 12, 13 6A. to preparing correcting entries.

Questions Chapter 4 (Continued) *14. The standard classifications in a balance sheet are: Assets Liabilities and Owner’s Equity Current Assets Current Liabilities Long-term Investments Long-term Liabilities Property, Plant, and Equipment Owner’s Equity Intangible Assets *15.

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