Identify the basic financial statements.



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


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.





What do you think will be the




most important of the skills learned when you are in an accounting







• 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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