Accounting Week 5 Homework Answers PDF

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Accounting Week 5 Homework Answers...

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WEEK 4 – PAGE 75-79 Question 1: Accrual Basis -

77500-39600 = $37900 profit

Cash Basis -

58500-3500=$23500 profit

Question 12: a) Retained Earnings b) Accounts receivable and accounts payable c) Cash , Service Revenue and Supplies Expense Question 13:

ADJUSTED TRIAL BALANCE

Question 16 a)

b)

c) Closing the books refers to the process of transferring all expense, revenue and dividends account balances to the retained earnings account. The purpose of which is to allow the business to prepare financial statements that represent the businesses financial status. Question 21 a)

b)

c)

Journal Article Question Earnings management refers to the practise of using accounting techniques to warp the values of financial statements in order to mislead stakeholders by convey a positive view of a business’s financial position. Earnings management can be considered an unethical practise however when it is carried out in accordance to corporate laws and accounting standards then it is considered a legal practise....