Acct 290 Week One

Topics: Double-entry bookkeeping system, Balance sheet, Income statement Pages: 2 (289 words) Published: January 13, 2013
INDIVIDUAL QUESTIONS/PROBLEMS DUE FRIDAY - POST THESE TO THE MAIN CLASSROOM FORUM
[please don’t start answering these DQs until Tuesday the start of the class, thanks]

1. What are the four basic financial statements? What is the primary purpose of each of the four basic financial statements? In your opinion, which financial statement is the most important? Explain why. *

2. How would the financial statements be useful to managers and employees? How would the financial statements be useful to investors and creditors?

INDIVIDUAL QUESTIONS/PROBLEMS DUE SUNDAY - POST THESE TO THE MAIN CLASSROOM FORUM
[please don’t start answering these DQs until Friday, thanks]

1. What are debits and credits? How are debits and credits used to record business transactions?

2. Why do accountants debit asset accounts to increase them but credit liability accounts to increase them? Why do accountants debit expenses to increase them but credit revenues to increase them?

INDIVIDUAL ASSIGNMENT DUE MONDAY- POST THESE TO THE MAIN CLASSROOM FORUM
[please don’t start answering these DQs until Sunday or Monday, thanks]

Complete and post a comprehensive weekly summary - please note what you got out of the week, what you still have questions on, etc. Please do not simply review the week’s reading for me.

INDIVIDUAL ASSIGNMENT DUE MONDAY- POST TO YOUR ASSIGNMENTS AREA

IndividualFinancial Statements Paper| Write a 700- to 1,050-word paper in which you do the following:Identify the four basic financial statements.Describe the purpose of each of the four financial statements.Discuss how the financial statements would be useful to internal users, such as to managers and employees.Discuss how the financial statements would be useful to external users, such as...
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