Management Homework Activity
Management Homework Activity

Management Homework Activity

Lead Author(s): Washington State Colleges

Source: Open Course Library

Student Price: FREE

An engaging accounting homework assignment created by Jackie Franklin for Washington State Colleges.

This content is licensed under the Creative Commons Attribution 3.0 Unported License.

Management Homework Activity


D1

What does the term "temporary accounts" mean? List the general types of accounts that fall under this classification?


D2

On January 1, a company's revenue account, expense account, and dividend account will always have a zero balance. Do you agree or disagree? Explain.


D3

Explain why closing entries are necessary and give an example.


D4

List and explain the three possible closing entries.


D5

Why would the manager want to keep the inventory at its current cost?


D6

Who is affected by the decision to, or not to, write the inventory down to its market value?


D7

What things should you consider when evaluating whether you should recommend an inventory write-down to your manager's boss?


D8

Discuss how inventory affects the financial statements.


D9

What are some of the accounting concerns or issues related to inventory?


D10

Under what circumstances should a company adjust the carrying value of its inventory on its balance sheet to the inventory's market value?

CC BY 

​Washington State Colleges

​Course Designer: Jackie Franklin