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ACCT-290 – Class Discussions Questions Preparing the Financial statements, accounting homework help

  1. For Week 3 we will study the remaining three steps
    in the Accounting Cycle: 7. Preparing the Financial statements, 8.
    Journalize and Post Closing Entries, 9. Prepare a post-closing trial
    balance. How do the different steps affect the financial statements? What
    is the effect on the financial statements of missing a step when
    completing the accounting cycle?
  2. Step 7 of the Accounting Cycle is preparing the Financial Statements. There is a specific
    order that the Financial Statements need to be prepared. Discuss the specific
    order and explain why it is important.
  3. Step 8 of the Accounting Cycle is to journalize and post
    the closing entries. What are the four closing journal entries? In your
    opinion, why are these necessary?
  4. Check out Appendix 4A on page 195-196 of the e-book. In your opinion, what is the main
    purpose and benefits of a financial statement worksheet in assisting with the
    completion of the accounting cycle? Note that a using a worksheet is optional.
  5. How would you describe the difference between the operating cycles of a Service Company and that of a Merchandising Company? What accounts would a merchandising company have in its
    chart of accounts that would be different from a service-based company?
  6. What is the difference between a perpetual inventory system and a periodic inventory system? Pick one and discuss the advantages and disadvantages.
  7. One unique aspect of merchandising financial statements is the Cost of Goods Sold
    account. How would you calculate cost of goods sold at the end of an accounting
    period under a periodic inventory system? What items make up cost of goods
  8. What is the difference between a single step income statement and a multiple step income statement?
    What are the advantages and disadvantages of each? If you were a business
    owner, which type would you prefer to use?

Answers can be up to 70 words each.

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