Accounting Knowledge Transfer
Please, I need original answers.
Introduction
Learning the language of business, as you have experienced, is very challenging. There are so many terms, procedures, processes, and dos and don’ts that keeping track of all of them requires a separate space in one’s brain. This assignment will help you to get clarity on and reinforce what you have learned by transferring what is in your head onto paper.
Instructions
For this assignment, use the BUS3061 Assignment u04a2 Template (listed under Resources). Prior to submitting your assignment, review the Accounting Knowledge Transfer Scoring Guide to ensure you have met all of the requirements and as a self-assessment of your work.
The following series of short-answer questions should test your recall of accounting fundamentals.
The following series of short-answer questions should test your recall of accounting fundamentals. 1. Define the internal and external users of accounting data. What data would each group most likely want to review? Please provide examples of each user type. 2. Describe the role ethics plays in the operation of an accounting system. Include a couple of examples. 3. Select three among the several accounting conventions prescribed by law, regulators, and accounting organizations. For each selection, describe its purpose and provide an example (not from the textbooks) of how it would be applied to an accounting system. 4. Describe each of the three main financial statementsthe end products of the work that takes place in an accounting system over a period of timestudied in the course. What does each statement present? Why is it important to prepare these? Who uses the information in the statements? Describe the interrelationship among the three statements. 5. Discuss the rules of debit and credit as applied to each of the account types that would appear on a company’s balance sheet and income statement. Identify the normal balance for each account type and provide an example event for each. Analyzing business events requires the accountant to make several judgments about the facts contained in the event.
Attachments
assignment_u04a2_template.doc
