1. Explain the process used to produce accurate account balances and financial statements from individual transaction data.

Consider what is being communicated through income statements, statement of equity, and balance sheets. And how will this information be used in business decision making and planning.

2. Recommend a simple system of controls that can be implemented to ensure protection of company assets and the accuracy and integrity of their financial data as they anticipate further growth.

3. Discuss at least two different methods of depreciation. Consider how the methods of depreciation will be determined.

Discuss how LIFO, FIFO, and average methods will differ and provide examples of types of applicable merchandising.

Consider how accounting will change with the addition of merchandise inventory.