西方财务会计简答题.doc

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1、精品文档，仅供学习与交流，如有侵权请联系网站删除1. Why are accounting systems called double entry?2. Explain the link between the income statement and the statement of owners equity, the balance sheet and the statement of owners equity.3. How is cost of goods sold computed under a periodic inventory system?4. What are the

2、normal recording and posting procedures when using special journals and controlling accounts with subsidiary ledgers?5. Describe the steps in the accounting cycle.Guidance Answers to Quick Checks1. The name double entry is used because all transactions affect at least two accounts. There must be at

3、least one debit in one account and at least one credit in another account.2.(1) An income statement reports a companys revenues and expenses along with the resulting net income or loss. A statement of owners equity shows changes in euqity, including that from net income or loss. Both statements repo

4、rt transactions occurring over a period of time.(2) The balance sheet describes a companys financial position (assets, liabilities, and equity) at a point in time. The equity amount in the balance sheet is obtained from the statement of owners equity.3. Under a periodic inventory system, the cost of

5、 goods sold is determined at the end of an accounting period by adding the net cost of goods purchased to the beginning inventory and subtracting the ending inventory.4. The normal recording and posting procedures are threefold. First, transactions are entered in a special journal if applicable. Sec

6、ond, individual amounts are posted to any subsidiary ledger accounts. Third, column totals are posted to general ledger accounts if not already individually posted.5. step 1 Collecting economic data oneach transaction and analyzing each transactionstep2 JournalizingOriginal Data Inputstep3 Posting to Ledgerstep4 Preparing a Trial Balancestep5 Journalizing and Postingstep6 Adjusting Entriesstep7 Preparing Worksheetsstep8 Preparing the Financial Statementstep9 Making Closing Entriesstep10 Preparing a Posting-closing Trial Balance【精品文档】第 1 页