Packet 1

PACKET I GENERAL ACCOUNTING PRINCIPLES AND ACCOUNTING CYCLE This is the first of four packets you will be completing. The contents of this packet include the topic outline. With the outline you are expected to research and complete for the first section of your reference manual. The outline is not in complete sentence format, but serves as headings and subheadings for the topics you are to complete. The depth of your research is dependent upon you; however, remember your examination is based on each of the areas identified. You are not expected to write hundreds of pages on each topic, but please be complete in your thoughts, organized in your information, and provide references to the subject matter that will be useful to you not only for this course, but after you are graduated. Date started:____August 19th _________________
Date completed: ____Sept. 18th____________________________
Examination One should be completed by: ____Sep 18th_______

ACCOUNTING CAPSTONE
ACCT 269.0 COURSE OUTLINE General Accounting Principles and Accounting Cycle A Accounting
1) What is accounting?
Accounting is the production of financial statements/ records for an organization.
2) What is the purpose of accounting?
To report financial information to Investors and Creditors and for analysis.
3) What is the reason for taking accounting?
It is used everywhere, to better understand accounting information.
B Accounting Cycle
1) Terminology
Accounting - process of identifying, measuring, and reporting financial information of an entity

Accounting Equation - assets = liabilities + equity

Accounts Payable - money owed to creditors, vendors, etc.

Accounts Receivable - money owed to a business, i.e. credit sales

Accrual Accounting - a method in which income is recorded when it is earned and expenses are recorded when they are incurred, all independent of cash flow

Accruals - a list of expenses that have been incurred and expensed,