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how you could use the double-entry system to maintain records of your personal finances.What types of accounts would you use for the accounting elements? As
- how you could use the double-entry system to maintain records of your personal finances.What types of accounts would you use for the accounting elements?
- As an accountant working with small business clients you have recently visited a client's business and the bookkeeper approached you with a problem.The columns of the trial balance were not equal.You assisted the bookkeeper in locating the error.Explain the purpose of the double-entry framework, the importance of maintaining equality of the accounting equation, the errors that might cause an inequality, and suggestions for finding errors.
- What would it be like to run your own business?If you started a business, what would it be?What describes the type of business you would enjoy the most.Would it be a service, merchandising, or manufacturing business?What form of ownership would be prefered and why.
- What types of ethical issues are facing the accounting profession?What are examples of Ethical issues in Accounting as well as Business?
- Explain the five steps required when posting the journal to the ledger?What steps do you find yourself struggling with?
- Explain why it would be necessary to prepare T-Accounts as well as the general journal, general ledger and trial balance?
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