Accounting

1

Identify the four basic financial statements.

• Classify transactions using the rules of debit and credit.

• Journalize basic transactions.

• Discuss how financial statements would be useful to external

users such as investors and creditors.

Write a 350- to 500-word summary

2

Answer the following summary question in 350 to 500 words:

• Commercial accounting and generally accepted accounting

principles, generally prescribe the accrual basis of accounting

over the cash basis. Describe both bases of accounting and

explain the differences.

3

What do you think will be the

most important of the skills learned when you are in an accounting

position?

• Differentiate between accrual basis and cash basis accounting.

• Create adjusting entries.

• Prepare an adjusted trial balance.

Write a 350- to 500-word summary