Week 1 Problem Sets

 Required Book:  

Edmonds, T. P., Edmonds, C., McNair,F. M., & Olds, P. R. Fundamental Financial Accounting Concepts (9th edition). New York, NY: Mcgraw Hill Higher Education.

ISBN: 9781259296802

Part 1

1. Exercise 1-9A on page 40
2. Exercise 1-10A on page 40
3. Exercise 1-4A on page 38
4. Exercise 1-7A on page 39
5. Exercise 1-6A on page 39
6. Exercise 1-8A on page 39

Part 2

1. Question 1: What is the accounting equation?  Why is this important to the practice of accounting?  Please provide an example of how the accounting equation works with recording transactions within a business.
2. Question 2: Is there a difference between bookkeeping and accounting? Discuss.
3. Question 3: Accounting reports past performance. How can this be useful when planning future operations?