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Posted: March 5th, 2022
Record various business transactions in accordance
This assessment addresses the following course objective(s):
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Describe the three functions of accounting
Apply the accounting vocabulary
Record various business transactions in accordance with generally accepted accounting principles.
Complete the steps of the Accounting Cycle.
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Analyze the basic financial statements
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Talk to a small business owner. Introduce us to the company and what they do. Ask the owner what the questions below.
Go meet a new entrepreneur. Do no use a neighbor or family member. Avoid businesses like an in-home daycare or someone selling Tupperware, Mary Kay, Essential Oils… Be sure to thank them for their time.
Ask them the following questions:
How long have they been in business?
What type of business formation do they have/ (LLC, Sole Proprietorship, Partnership, Sub S or Corporation)
What accounting system do they use? (Ledger, Excel, QuickBooks…)
What’s the biggest challenge for them in keeping their books?
Any advice for a person just starting a business?
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