The first outline is due at the beginning of the chapter and it is high level. For example, for the first outline it might look something like this (see pages 4-9 of the textbook; notice that I only use the major titles in the textbook):
· Accounting as a Measurement/Communication Process
· Defining Accounting
· Accounting is the language of business
· Measuring Business Activities
· Assets, Liabilities, and Stockholders’ Equity
· Revenues, Expenses and Dividends
· Dividends are not an Expense
· Communicating through Financial Statements
The second outline, due at the end of the chapter, it might look something like this (the words in red are items that I added to the first outline and this should be whatever you think is important for you to remember):
· Accounting as a Measurement/Communication Process
· Defining Accounting
· Accounting is the language of business
· Two functions
· accounting is a system of maintaining records of a company’s operations and
· communicating that information to decision makers.
· YOU MAY ADD WHATEVER INFORMATION THAT HELPS YOU.
·
· Measuring Business Activities
· Assets, Liabilities, and Stockholders’ Equity
· Assets are the resources of a company
· Inventory, supplies, buildings . . . . .
· Revenues, Expenses and Dividends
· Dividends are not an Expense
· Communicating through Financial Statements