Week 5 team reflection summary

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Week 5 team reflection summary

What is the primary purpose of each of the four basic financial statements? In your opinion, which financial statement is the most important? How would the financial statements be useful to managers and emplo What are debits and credits? How are debits and credits used to record business transactions?

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?

What is the revenue recognition principle?

Week 5 team reflection summary

What is the expense recognition principle? Why are they important to financial reporting? What are adjusting entries and why are they necessary? Provide examples of accruals. Why do accruals require adjusting entries What accounts are subject to adjusting journal entries and why?

How would you explain the purpose of the adjusted trial balance? What are the steps in completing the accounting cycle? How do the different steps affect the financial statements? What is the effect on the financial statements of missing a step when completing the accounting cycle?

What are the four closing journal entries?

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Why are they necessary? What are the pros and cons of using reversing entries? Why are reversing entries optional? What is the main purpose of a financial statement worksheet and its benefits? How has automation aided the preparation, accuracy, and use of the financial statement worksheet?

How would you calculate cost of goods sold? What items make up cost of goods sold? How does beginning and ending inventory affect cost of goods sold? What are the journal entries a merchandising organization would use to record the purchase and subsequent sale of merchandise?

What are the three different inventory cost flow assumptions commonly used in commerce today and allowed by generally accepted accounting principles?

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How does a company determine what cost flow assumption they should use? How does first in, first out cost flow assumption work? What is the control environment? What are the negative and positive elements of a control environment?

What are two examples of strong and weak internal controls in organizations where you have worked or have first Question 1 Expenses decrease retained earnings.

The operating cycle of a merchandising company is ordinarily shorter than that of a service company. Financial Reporting Problem Part I Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company.

In the wake of accounting scandals over the past several years, how has the Sarbanes-Oxley Act SOX of affected the practice of accounting?

What is the role of internal controls in co What do you think will be the most important of the skills learned when you are in an accounting position?

Week 5 team reflection summary

Differentiate between accrual basis and cash basis of accounting.Turnitin provides instructors with the tools to prevent plagiarism, engage students in the writing process, and provide personalized feedback.

Week One defines what Appreciative Inquiry (AI) is and frames it among the growing trend of “strength-based” approaches to human development and organization change. initiativeblog.com initiativeblog.com! South African Social Media Landscape Executive Summary Social media breaks barriers in SA.

Mark With thanks to page sponsor , Hickman Presbyterian Church, Hickman, NE Alan Brehm, Pastor Reading the Text: NRSV (with link to Anglicized NRSV) at. Polar Opposites.

Murder rates have actually been trending down a bit in the US.. But you are still around fifty times more likely to be murdered in several dozen US cities than in any city in Europe, where the average is down around 1 in , now..

And with regard to the exceptionally safe Italy, as usual the rate remains even lower than the European average still. Week Five Reflection Summary The team members’ knowledge continues to grow. Week five mainly covered the effect of the Sa Sarbanes-Oxley Act of on interna.

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