Chapter 3The Double-Entry Framework
An increase or decrease in any asset, liability, owner's equity, revenue, or expense is
always accompanied by an offsetting change within the basic accounting elements.
Chapter 2Analyzing Transactions: The Accounting Equation
A business entity is an individual, association, or organization with control over
economic resources and which engages in economic activities.
OBJ: LO 2-1 MSC: AAC
Chapter 1Introduction to Accounting
1. The purpose of accounting is to provide financial information about a business to individuals and
MSC: AACSB Communication
2. Since financial information is comm
WEEK 6 ASSIGNMENT INSTRUCTIONS
The week 6 assignment includes exercises to reinforce the learning objectives for week 6,
including matching vocabulary, the periodic and perpetual inventory systems, and
valuation of inventory and cost of goods sold using F
Your week 1 assignment includes exercises to reinforce the learning objectives for week 1,
including the vocabulary introduced this week, assets, liabilities, and owner's equity, and
transaction analysis demonstrated by completion
The four basic market structures in order from the best for consumer to the best for
producers are; Monopolistic competition, perfect competition, oligopoly, and monopoly.
Monopolistic competition is defined in our textbook as a market structure with many
Running Head: THE ACCRUAL, CASH, AND MODIFIED BASES OF ACCOUNTING
Cash basis is when revenues and expenses are recorded when the cash is actually paid to
the company or towards one of the companys accounts. This method can result in the net income