Review the Weekly Activities for Week 2.
Write a quick report with at the very least two paragraphs.
Submit this as a Phrase doc.
The report ought to handle:
What areas did I’ve problem with and what areas did I discover simple to know?
Was I profitable in my time administration or did I run out of time to finish my work to a high-quality stage?
Are there any adjustments I ought to make in my method to the class for future weeks?
Questions remaining after studying discussions associated to weekly studying actions.
Week 2: Revenue Measurement and the Accounting Cycle
Week 2 Introduction
Accounting reviews enterprise transactions which have already occurred. Accountants act as historians as they establish and document enterprise monetary financial actions in varied journals and ledgers. The outcomes, in the type of monetary statements, are then reported to administration for their use.
Making ready, understanding, analyzing, and speaking monetary info to events is the coronary heart of monetary accounting. It’s important that you just perceive the mechanics of getting ready and analyzing these monetary statements and worth their usefulness in making enterprise choices. It might be useful to think about accounting as the language of enterprise.
Week 2 Outcomes
After finishing this week, it’s best to have the ability to:
Clarify the Ideas and Pointers Affecting Adjusting Entries
Talk about the Adjustment Course of and Illustrate Frequent Varieties of Adjusting Entries
File and Submit the Frequent Varieties of Adjusting Entries
Use the Ledger Balances to Put together an Adjusted Trial Steadiness
Put together Monetary Statements Utilizing the Adjusted Trial Steadiness
Describe and Put together Closing Entries for a Enterprise
Put together a Submit-Closing Trial Steadiness
Apply the Outcomes from the Adjusted Trial Steadiness to Compute Present Ratio and Working Capital Steadiness, and Clarify How These Measures Symbolize Liquidity
Full a Complete Accounting Cycle for a Enterprise
The first supply for course studying materials every week is Ideas of Accounting and situated at https://www.principlesofaccounting.com/. This supply is in webpage format and contains movies. The Open Stax textual content is supplemental reference materials. Further reference supplies are additionally offered in the studying sources.
