Homework: Assignment 2: 1-1 core: 0 of 1 pt 1.1.5 3 of 24 (2 complete) HW Score: 8.33%20 Question Help Dew the seven bow has the abi l Ace l a n d the meat and any products and that organion has received hundreds of thousands of dollar in funding from an animal rights foundation Choose the correct answer below a rte a On There does not to be a p The b e There be ND. There are The The There there a ted has many professional and credible members o mputing on the in th a t to producere n with the organization's creed and that of its fundos Chapter 3 SLOs: Capturing Economic Events 1. Explain the steps in the accounting cycle and the role of accounting records in an organization. 2. Explain the connection between double-entry system of accounting, ledger account and ledger, the balance sheet accounts, the income statement accounts, and the trial balance. 3. Create a T-account guide explaining the debit/credit rules for assets, liabilities, owner's equity, revenue, and expenses. 4. Explain the accrual basis of accounting. 5. Explain how net income, expenses, revenue, and dividends affect owner's equity. 6. Apply the revenue realization (a.k.a. revenue recognition) and matching principles in recording revenue and expenses 7. Understand how to convert economic business activities into useful accounting information (from business transactions to financial statements) in order to be used to make good future economic decisions in business