Record various business transactions in accordance
This Assessment addresses the next course goal(s):
Describe the three capabilities of accounting
Apply the accounting vocabulary
Record various business transactions in accordance with typically accepted accounting ideas.
Full the steps of the Accounting Cycle.
Analyze the fundamental monetary statements
Directions:
Speak to a small business proprietor. Introduce us to the corporate and what they do. Ask the proprietor what the questions beneath.
Go meet a brand new entrepreneur. Do no use a neighbor or member of the family. Keep away from companies like an in-home daycare or somebody promoting Tupperware, Mary Kay, Important Oils… You’ll want to thank them for his or her time.
Ask them the next questions:
How lengthy have they been in business?
What sort of business formation have they got/ (LLC, Sole Proprietorship, Partnership, Sub S or Company)
What accounting system do they use? (Ledger, Excel, QuickBooks…)
What’s the largest problem for them in retaining their books?
Any recommendation for an individual simply beginning a business?
