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ACG 5026 Chapter 3 Review Questions and Correct Answers
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  • ACG 5026

Order in Preparing Financial Statements 1. Income Statement 2. Statement of Stockholder's Equity 3. Balance Sheet 4. Statement of Cash Flows Accounting Cycle 1. Analyze 2. Record 3. Adjust 4. Report 5. Close Recording Process Analyzing Journalizing Posting Characteristics ...

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  • August 12, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • acg 5026 chapter 3 review questions and correct a
  • order in preparing financial statements 1 incom
  • accounting cycle 1 analyze 2 record 3 adjust

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ACG 5026 Chapter 3 Review Questions
and Correct Answers
Order in Preparing Financial Statements ✅1. Income Statement
2. Statement of Stockholder's Equity
3. Balance Sheet
4. Statement of Cash Flows

Accounting Cycle ✅1. Analyze
2. Record
3. Adjust
4. Report
5. Close

Recording Process ✅Analyzing
Journalizing
Posting

Characteristics of Adjusting Entries (2) ✅1. Occur at the end of reporting period
2. Rarely involve cash

Deferred Revenue Example
&
Deferred Expense Example ✅Deferred Revenue = Unearned revenues (normal
CREDIT balance and liability)

Deferred Expenses = Prepaid rent, insurance, etc. (normal DEBIT balance and asset)

What does an adjusting entry typically affect? ✅A balance sheet account (asset or
liability) and an income statement account (revenue or expense.

Distinguishing Characteristic of Deferrals ✅The adjustment deals with an amount
previously recorded in a balance sheet account causing the adjusting entry to decrease
balance sheet account and increase an income statement account.

Distinguishing Characteristic of Accruals ✅The adjustment deals with an amount NOT
previously recorded in any amount causing the adjusting entry to increase both a
balance sheet account and an income statement account.

Which two accounts help to recognize revenue in the period it is earned and expenses
in the period which helped to earn the revenue? ✅Accruals and Deferrals.

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