ACC 225 WEEK 1 EXERCISE - ACCOUNTING AND BUSINESS ORGANIZATIONS

ACC 225 WEEK 1 EXERCISE - ACCOUNTING AND BUSINESS ORGANIZATIONS

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Week 1 Exercises: Accounting and Business Organizations · Resource: Fundamental Accounting Principles, p. 30 · Due Date: Day 5 · Post your answers to Exercises 1-1 and 1-4. • 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. . Exercises: Accounting and Business Organizations
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The Basic Four financial statements are: the Balance Sheet, the Income Statement, the Statement of Owner’s Equity, and the Statement of Cash Flows. The Balance Sheet is like a snapshot of the company’s financial position at one point in time; the left side of the BS lists the company’s assets (Both Current and noncurrent), while the right side lists the company’s liabilities (both current and long-term) as well as stockholders’ equity. The Income Statement lists the results of the company’s operations during the period covered.
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ACC 225 WEEK 1 EXERCISE - ACCOUNTING AND BUSINESS ORGANIZATIONS

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