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Understanding Accounting Cycle
Date Posted: 27/03/2021
Category: Business
Due Date: 30/03/2021
Instruction
Refer to the Figure 6.5 of your textbook (page 178, small number) for a visual assistance. Do NOT copy from the book!!! That is plagiarism and will earn 0 credit. Use your own words to list and explain the steps/process of accounting cycle. Assume you are explaining it to a small business owner who has NO previous knowledge of accounting.
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Respectwriter 4 years, 12 months ago
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dengat 4 years, 12 months ago
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    dengat | Mar 27, 2021, 01:59 AM
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    dengat | Mar 27, 2021, 02:03 AM
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    User_28229 | Mar 27, 2021, 02:03 AM
  • Yes,,it is enough for this assignment,,thank you
    dengat | Mar 27, 2021, 02:06 AM
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    User_28229 | Mar 27, 2021, 13:50 PM
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    dengat | Mar 27, 2021, 13:55 PM
  • 2. At the beginning of the year, Wilson Company purchased a new building and some expensive new machinery. An officer of the firm has asked you whether this purchase will affect the firm's year-end income statement. What answer would you give? - Since the Wilson Company Purchase of a new building and machinery, their purchase of assets doesn’t affect the year-end income statement but only the expenses are accounted for.
    User_28229 | Mar 27, 2021, 17:04 PM
  • 3. Suppose the president of a company where you work asked an accountant whether it is worthwhile for you to spend time making adjustments at the end of each accounting period. How would you explain the value of the adjustments? - I would explain to the president that the main purpose of adjusting entries at the end of each accounting period is to make sure the incomes and expenses are recorded correctly and updated. During the normal course of business, there are changes, which need to be incorporated in books even if such transactions do not actually occur. This needs to be done for two primary reasons. First, to follow logically sound accounting practices and principles, and secondly to access the business worth and profitability accurately.
    User_28229 | Mar 27, 2021, 17:04 PM
  • 4. How does the worksheet help provide vital information to management? - The worksheet helps provide vital information to management because of the financial statements of any business. It brings to the management, the entries that have been adjusted at the end of the period to ensure the accounting entries are there correctly on the income statement and balance sheet.
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  • All in one comment. What's your response to this student's comment?
    User_28229 | Mar 27, 2021, 17:06 PM
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    dengat | Mar 27, 2021, 17:06 PM
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    User_28229 | Mar 27, 2021, 17:09 PM
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  • I just uploaded the replies, kindly find file 2, thank you
    dengat | Mar 27, 2021, 20:36 PM
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    dengat | Mar 28, 2021, 01:48 AM
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    dengat | Mar 28, 2021, 09:25 AM
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    dengat | Mar 28, 2021, 09:44 AM
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    dengat | Mar 28, 2021, 15:23 PM
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