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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