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.
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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.
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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.
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