ACC 225 WEEK 1 CHECKPOINT - FINANCIAL STATEMENTS

ACC 225 WEEK 1 CHECKPOINT - FINANCIAL STATEMENTS - Week 1...

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Week 1 CheckPoint: Financial Statements · Resource: Fundamental Accounting Principles, Ch. 1 · Due Date: Day 5 [post to the Individual forum] · Consider that you have been asked to explain financial statements to someone who knows nothing about accounting. · Review the information on financial statements in Ch. 1 of Fundamental Accounting Principles. · Discuss, in 200-300 words, each of the four financial statements. Explain the different components of the statements as well as what the statements tell about a business.
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Keeping accurate records is the key to making sound decisions in accounting. Sometimes we forget things that are bought or money made and that is the main purpose for keeping accurate books. A balance sheet, also known as a statement of condition, is used to keep records. Its records show the businesses assets, liabilities and net worth with specific dates in mind. Companies balance accounts generally on a weekly or daily basis, but most importantly companies do a “monthly close” which involves balancing and reconciling accounts. A tool also
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ACC 225 WEEK 1 CHECKPOINT - FINANCIAL STATEMENTS - Week 1...

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