Week 2 Disccussion

Please make sure responses are are at least 100 words. Also if you would like the reading materials that I am using just let me know.

How are business events captured for reporting?

What is the ultimate purpose of communicating accounting information?

What is a debit and a credit?  Why are these concepts important in the accounting world?

 What is the recording process?  What is the journals role in the recording process?  What is the ledgers role in the recording process? What is the posting role in the recording process?

 Describe the different classifications of cash on the statement of cash flows?

 What is the basic accounting equation?  What is the purpose of the basic accounting equation?

 Describe the trial balance?  What is the purpose?

How are changes in business activities monitored and tracked?