Record various business transactions in accordance with generally accepted accounting principles.
This assessment addresses the following course objective(s):
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.
Analyze the basic financial statements
Instructions:
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?
Answer preview to record various business transactions in accordance with generally accepted accounting principles.
APA
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