Questions, Exercises and Problems in Financial Accounting : a Concepts-based Introduction

V. A CPA tells Leon that Webworks should be depreciating its equipment and furniture. The CPA recommends that Webworks use the straight-line method with a four-year life for the equipment and a five-year life for the furniture. Normally, when an error is made, such as not depreciating equipment, the company must go back and restate prior financial statements correctly. Since Webworks is only generating these monthly statements for internal information, the CPA recommends that Leon just “catch up” the prior month’s depreciation on the equipment this month. So when Webworks records October’s equipment depreciation, it will also record the deprecation that should have been taken in July, August and September. The depreciation on the furniture should just be for one month.

They are summative assessments with a formative aspect and are designed with an intention to accommodate the characteristics of the students. The results suggest that the online review exercises motivate students to undertake a variety of learning activities and help improve their understanding of the subject. The surge in online education in HEIs due to COVID-19 highlights the importance of learning and assessment design in achieving intended learning outcomes.

Bad Debt Expense

LO

3.5Post the following November transactions to T-accounts for Accounts Payable and Inventory, indicating the ending balance (assume no beginning balances in these accounts). LO

3.5Post the following February transactions to T-accounts for Accounts Receivable and Cash, indicating the ending balance (assume no beginning balances in these accounts). LO

3.4Identify whether each of the following transactions would be recorded with a debit (Dr) or credit (Cr) entry. LO

3.2Provide the missing amounts of the accounting equation for each of the following companies. No adjusting journal entries have been completed for the year. Prepare all necessary adjusting entries in general journal format.

Section 2 reviews the relevant literature on Chinese students’ learning strategies and online assessment. Section 3 states the background of the study, describes the design of the online review exercises, and discusses the research method. Section 4 presents and analyzes the results. Findings and contributions are discussed in Section 5.

Preparing students for the future of work: Lessons learned from telecommuting in public accounting

Prior research in accounting education largely focuses on online assessment in the form of multiple-choice questions (MCQs), which typically evaluate learning at lower cognitive levels (e.g., Scouller, 1998). Students only need to select the correct answer from a set of alternatives, and thus are awarded for recognizing the answer rather than constructing a response. Another limitation of MCQs is that the feedback provided through MCQs is often limited and are not personalized to suit different student needs (e.g., Nicol and Milligan, 2006). LO

3.2Cromwell Corporation has the following trial balance account balances, given in no certain order, as of December 31, 2018.

Retained Earnings at January 1, 2018, was $3,600. Using the information provided, prepare Cromwell’s annual financial statements (omit the Statement of Cash Flows). Elliott owns an option to buy 1,000 shares of the common stock of Acme Corporation at a price of $12.

ACCOUNTING FOR MANAGEMENT

Here are Webworks financial statements as of September 30. This problem will carry through several chapters, building in difficulty. It allows students to continuously practice skills and knowledge learned in previous chapters. Textbook content produced by OpenStax is licensed under a Creative https://turbo-tax.org/instructions-for-form-8379/ Commons Attribution-NonCommercial-ShareAlike License . The OpenStax name, OpenStax logo, OpenStax book covers, OpenStax CNX name, and OpenStax CNX logo

are not subject to the Creative Commons license and may not be reproduced without the prior and express written

consent of Rice University.

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• Please note that these are generally intermediate to advanced exercises.
• ”, you prepared Webworks statements for September.
• One Web site client is dissatisfied with the work done and refuses to pay his bill.

LO

3.6Prepare an unadjusted trial balance, in correct format, from the alphabetized account information as follows. D. Prepare adjusting entries for the following and post them to your T-accounts. I would definitely recommend to time yourself when you practice each of these exercises. This will help ensure you’re not taking too long to complete each question and will help you get used to doing exercises under exam settings. LO

3.5Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders’ equity, and prove the company’s accounts will still be in balance. LO

3.4Identify whether ongoing transactions posted to the following accounts would normally have only debit entries (Dr), only credit entries (Cr), or both debit and credit entries (both).

Financial Management and Bookkeeping Exercises

While the study was conducted pre-COVID-19, it provides useful insights into how online review exercises impact the engagement and learning performance of Chinese business students. The study is relevant to accounting educators in both the Western HEIs and Chinese universities who are interested in designing and implementing online learning and assessment activities to improve student engagement and performance. You will find eight practice exercises for Excel accounting problems in this article.

• Financial Accounting by University of Minnesota is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted.
• The exercises are in the form of non-MCQs, integrative questions, covering several topic areas.
• The current market price of Acme stock is $15, so it makes sense to exercise the options at the exercise price of $12 and immediately sell the shares at the current market price of $15.
• This problem will carry through several chapters, building in difficulty.

Rather than incur the expense of taking the client to court, Webworks writes off the account in the amount of $200. Webworks pays off $6,000 of its accounts payable. Webworks paid off the remainder of its note payable.