会计英语课后题答案Answerforlesson1.docVIP

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会计英语课后题答案Answerforlesson1

Exercise answer for Lesson 1 1.1 Select the best answer for each of the following unrelated items 1.d 2. d 3. b 4. d 5. c 6. c 7.d 8.a 9.b 10.b 11c 12b 13c 14d 15 a 1.2 SHORT-ANSWER ESSAY QUESTIONS 1.Accounting cycle is an important concept for accounting. Briefly explain the steps for accounting cycle. Solution: (1)Analyze transactions; (2) Journalize transactions; (3) Post to ledger;(4) Prepare unadjusted trial balance ;(5) Journalize post adjustments; (6) Prepare adjusted trial balance; (7) Prepare financial statements; (8) Journalize and post closing entries; (9) Prepare post-closing trial balance 2 Your roommate, a marketing major, thinks that debit means decrease and credit means increase. And, that every account can be debited and credited and as result, every account can have both a debit and a credit balance. Explain to your roommate (1) the meaning of debit and credit; (2) which accounts can only be debited, which can only be credited, and which can be both debited and credited; and (3) which accounts normally have debit balances and which credit balances. Solution: The terms debit and credit mean the left and right side, respectively, of every account. Some accounts such as Dividends and Expenses are only debited; other accounts such as Share Capital-Ordinary and Revenues are only credited; and finally, some accounts such as Cash, Accounts Receivable, and Accounts Payable can be debited and credited. Accounts with debit balances include Assets, Dividends, and Expenses. Accounts with credit balances include Share Capital-Ordinary and Revenues. 3 A fellow classmate is confused about how debits and credits relate to the basic accounting equation. State the basic accounting equation, convert it into the expanded accounting equation, and then explain how it ties into the rules for debits and credits. Solution: The basic accounting equation is: Assets = Liabilities + Equity The expanded equation divides Equity into its variou

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