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Unformatted text preview: if we did that, any error you made in the beginning would carry through to the end. Instead, the accounting cycle will be broken up into independent parts. For example, you might be asked to make financial statements from an adjusted trial balance I'll provide (though note that if I ask you to do this, the accounts will be in no particular order!). CONCEPTUAL QUESTIONS: These questions will concern such topics as 1) the purpose, context, and regulatory environment of financial accounting, 2) the core of GAAP, such as accrual accounting vs. cash accounting, 3) the function and meaning of adjusting entries, and other qualitative topics. These conceptual questions will require a brief answer from you, often just a sentence or two or a short list. Note that its impossible to be exhaustive here, but you will only be responsible for material actually raised in class....
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- Spring '11