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Explain the importance of periodic reporting and the time period assumption

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Week 2 – Reading and Homework Assignment



Fund. Accounting Principles (Looseleaf) (Custom Package)

Wild 21ST/ McGraw-Hill Custom

Read Chapter3 – Adjusting Accounts and Preparing Financial Statements

This chapter explains the timing of reports and the need to adjust accounts. Adjusting accounts is important for recognizing revenues and expenses in the proper period. We describe the adjusted trial balance and how it is used to prepare financial statements.

Explain the importance of periodic reporting and the time period assumption. (p. 94)

Explain accrual accounting and how it improves financial statements. (p. 95)

Identify the types of adjustments and their purpose. (p. 96)

Please complete the following homework to maximize your learning:

Chapter 3Adjusting Entries and Preparing Financial Statements (all topics in this chapter must be covered)

Do Homework: Exercises3-3, 3-4, 3-7, and Problems 2-2A

Do BTN Activity:BTN 3-7

Read Chapter 5 – Accounting for Merchandising Operations

This chapter emphasizes merchandising activities. We explain how reporting merchandising activities differs from reporting service activities. We also analyze and record merchandise purchases and sales transactions, and explain the adjustments and closing process for merchandisers.

Describe merchandising activities and identify income components for a merchandising company.(p. 182)

Identify and explain the inventory asset and cost flows of a merchandising company. (p. 183)

Chapter 5Accounting for Merchandising Operations

Do Homework: Exercises5-2, 5-3, 5-4, 5-6, 5-7 and 5-9 and Problems 5-2A

Do BTN Activity:BTN 5-2

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