TRADITIONAL HOMEWORK ITEMS - Fall 2023 - ACT 3391 General Instructions for the Traditional Homework Items: A. Prepare your answers using some type of computer software program, e.g., Microsoft Word, Excel. B. Upload your answers through Canvas. Do NOT upload any type of hand-written documents. C. You will NOT receive ANY CREDIT FOR LATE HOMEWORK. D. When completing your homework assignments DO NOT use abbreviations for phrases, e.g. state Financial_Accounting Standards Board and not simnlv EASB. E. You can work on these homework assignments in groups or as an individual. If you work in a group, have one person upload the group's answers making sure all individual names are on the uploaded assignment. F. For ANY problem involving a calculation, CLEARLYSHOW HOW you performed the calculation. G. For ANY problem involving an entry, identify EACH account that you debited and credited as either a(an): 1) Asset (includes contra-assets) 2) Liability (includes contra-liabilities) 3) Equity (includes contra-equities) 4) Revenue (includes contra-revenues AND gains) 5) Expense (includes losses) You can abbreviate with an A You can abbreviate with an L You can abbreviate with an EQ You can abbreviate with an R You can abbreviate with an EX For example, if you make the following entry: Cash $100 Sales revenue $100 Place an "A" to the left of "Cash" Thus, your final answer would look like this: A Cash $100 R Sales revenue $100 UNACCEPTABLE ENTRY FORMATS. Format your entries like the example above. DO NOT give me entries that look like the 1. (5 points) Write the best accounting word/phrase that is defined. Write ONLY ONE word/phrase next to each item. DO NOT ABBREVIATE. a. The term used to describe the financial-related report that a publicly traded firm files annually with the SEC. b. This characteristic of financial information allows users to identify similarities and differences in economic events between companies. c. The term used to describe the one place in which all authoritative accounting pronouncements, i.e., GAAP, reside. d. The organization that was established by the U.S. federal government to standardize financial information that is presented to stockholders. e. The organization that currently establishes GAAP in the U.S