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1、Chapter3AdjustingAccountsandPreparingFinancialStatementsQUESTIONS1.Thecashbasisofaccountingreportsrevenueswhencashisreceivedwhiletheaccrualbasisreportsrevenueswhentheyareearned.Thecashbasisreportsexpenseswhencashispaidwhiletheaccrualbasisreportsexpenseswhentheyareincurr
2、edandmatchedwithrevenuestheygenerated.2.Theaccrualbasisofaccountinggenerallyprovidesabetterindicationofcompanyperformanceandfinancialconditionthandoesthecashbasis.Also,theaccrualbasisincreasesthecomparabilityoffinancialstatementsfromoneperiodtothenext.Thus,businessdecis
3、ionmakersgenerallyprefertheaccrualbasis.3.Businessesthathavemajorseasonalvariationsinsalesaremostlikelytoselectthenaturalbusinessyearasthefiscalyear.4.Aprepaidexpenseisanitempaidforinadvanceofreceivingitsbenefits.Assuch,itisreportedasanassetonthebalancesheet.5.Long-term
4、tangibleplantassetssuchasequipment,buildings,andmachineryleadtoadjustmentsfordepreciation.Generally,landistheonlylong-termtangibleplantassetthatdoesnotrequiredepreciation.?McGraw-HillCompanies,2009237SolutionsManual,Chapter36.TheAccumulatedDepreciationcontraaccountisuse
5、dfordepreciation.Itprovidesfinancialstatementuserswithadditionalinformationabouttherelativeageoftheassets.Withoutthecontraaccountinformation,thereaderwouldnotbeabletotellwhethertheassetsareneworinneedofreplacement.7.Unearnedrevenuereferstocashreceivedinadvanceofprovidin
6、gproductsandservices.Anothernameforunearnedrevenueisdeferredrevenue.Itisreportedasaliabilityonthebalancesheet.8.Accruedrevenueisrevenuethatisearnedbutisnotyetreceivedincash(and/orotherassets)andthecustomerhasnotbeenbilledpriortotheendoftheperiod.Therefore,end-of-perioda
7、djustmentsaremadetorecordaccruedrevenue.Examplesareinterestincomethathasbeenearnedbutnotcollectedandrevenuesfromservicesperformedthatareneithercollectednorbilled.9.AIfprepaidexpensesareinitiallyrecordedwithdebitstoexpenseaccounts,thentheprepaidexpensesassetaccountsarede
8、bitedintheadjustingentries.?McGraw-HillCompanies,2009237SolutionsManual,Chapter310.ForBestBuy,alloftheaccounts
