ACC201 - Week1

ACC201 - Week1 - Action: Post Read Post Post Submit...

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Action: Items to be completed:  Due No Later Than: Post Introduction to the discussion board Thursday 11:59 PM EST/EDT Read Chapters 1 and 2 from the textbook Post Initial response to the discussion board Thursday 11:59 PM EST/EDT Post Responses to at least two classmates Sunday 11:59 PM EST/EDT Submit Assignment/Homework via Dropbox Sunday 11:59 PM EST/EDT Complete Self assessment  Complete Module exam Sunday 11:59 PM EST/EDT
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DISCUSSION: Week 1: Choose one discussion posting and answer in paragraph form: 1. Identify opportunities in accounting and related fields. 2. Describe an account and its use in recording transactions. 3. Define debits and credits and explain double-entry accounting. Debits and credits represent the left and right side to an accounting transaction. A debit is an increase in assets to an account, entered on the left side of a ledger that decreases the equity, or income of the owner. A credit is entered on the right side of a ledger that increases the owner’s equity or income, or decreases an asset or expense. Credits and debits do not necessarily mean an increase or decrease to a person’s account balance; it simply relies on the type of account. Double-entry Accounting requires each transaction to affect or change at least two accounts, creating a balance. If one account is debited, another must be credited, and vice versa, allowing the total amount to be debited to equal the total amount to be credited on each transaction. This method provides a quick error check as the sum of all accounts with debit balances should equal the sum of all credit balance accounts. HOMEWORK: To demonstrate your mastery of this module’s readings, the following are to be submitted via the Module 1 Dropbox by Sunday, 11:59 PM EST/EDT : From the Financial and Managerial Accounting text: Problem 1-1A and Problem 1-2A from Chapter 1 Problem 2-3A and Problem 2-4A from Chapter 2 All of the problems should be submitted to the instructor in a single Word or Excel
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This note was uploaded on 03/18/2011 for the course ACC 201 taught by Professor Pendarvis during the Spring '09 term at St. Leo.

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ACC201 - Week1 - Action: Post Read Post Post Submit...

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