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

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