w2_Homework_Assignment 2

w2_Homework_Assignment 2 - BUSN 5200 Homework Assignment...

This preview shows page 1 - 2 out of 2 pages.

BUSN 5200 Homework Assignment for Week 2: For Week 2, please turn in the answers to the following questions: 1. Define the process of accounting. 2. What are the three major divisions in the accounting field? 3. What is the Fundamental Accounting Equation? 4. What is the purpose of a balance sheet ? What are some examples of typical balance sheet accounts? 5. What is the purpose of an income statement ? What are some examples of typical income statement accounts? 6. What is the purpose of a statement of cash flows ? What are some examples of typical statement of cash flow accounts? 7. Based on the financial information below, prepare an income statement and a balance sheet for Joe’s-Fly-by-Night Oil company for the year ended December 31, 2015. Unless otherwise indicated, assume all information below is either for the year 2015 or as of December 31, 2015. Accounts receivable………………………………….. $3,000 Accumulated depreciation…………………………… $12,000
Image of page 1

Subscribe to view the full document.

Image of page 2

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern