Question Details

ACCTG 1A Week 5 Homework Assignment 

Exercise 5.1 Accounting Terminology

a.	The accounting principle intended to assist users in interpreting financial statements.      
b.	A term used to describe a company- ability to pay its obligations as they come due.  
c.	A term used in reference to accounts that are closed at year-end.  
d.	A term used in reference to accounts that are not closed at year-end.  
e.	A document prepared to assist management in detecting whether any errors occurred in posting the closing entries.     
f.	A policy decision by a corporation to distribute a portion of its income to stockholders.   
g.	The process by which the Retained Earnings account is updated at year-end.  
h.	Entries made during the accounting period to correct errors in the original recording of complex transactions. 


Exercise 5.3 Financial Statement Preparation

Exercise 5.5 Preparing closing entries and an after closing trial balance. 

Exercise 5.10 Measuring and Evaluating Profitability and Liquidity.

Eseecise 5.14 Understanding the effect of errors on the financial statement.