ACCT 504 Week 2 Discussions Accrual Accounting Devry

ACCT 504 Accounting and Finance, Managerial Use and Analysis

Week 2

Week 2 DQ 1: The Accounting Information System and Accrual Accounting Concepts

Accounting Equation/Accounting Cycle (Graded)

In this area, we will discuss the significance of the accounting equation, the rules of debit and credit, and the steps in the accounting cycle. We will talk about recording of transactions, normal balances, and the creation of the trial balance. Let's begin by asking this question: What is the role of the accounting equation in the analysis of business transactions?

Week 2 DQ 2: The Accounting Information System and Accrual Accounting Concepts

Accrual Accounting and Adjusting Entries (Graded)

In this area, we will talk about the difference between cash-basis and accrual-basis accounting, the importance of revenue recognition and matching principles, and the role of adjusting and closing entries in the preparation of the income statement, statement of retained earnings, and balance sheet. How is cash-basis accounting different from accrual-basis accounting?

ACCT 504 Week 2 DQ 3

What is the role of the accounting equation in the analysis of business transactions?

Cash Basis Accounting Defined

Accrual Basis Accounting Defined