You are a new hire for a major corporation completing your eight-week rotation related to accounting, financial reporting, budgeting, cost control, and profit maximization. As part of your rotation you are learning about the accounting process and how to use accounting information to make managerial decisions.

Read the assigned chapters to learn the accounting concepts, then submit a written report in the LEO assignment folder summarizing your knowledge of the week’s concepts. You should create this report to provide documentation/evidence of your assigned chapter readings and self-assessment exercises (Fill in the Blanks, and Multiple Choice questions at end of each chapter).  (A series of projects focused on your SEC10K corporation will be completed and submitted separately.)

REQUIREMENT:  As described above, upon completion of the readings and quizzes (the week’s assigned chapters are detailed below), write a report as a Word document and upload it to this week's Homework assignment folder.   Summarize what you learned through your readings and practice quizzes.  Demonstrate an understanding of the week’s concepts.  The more detailed writeups documenting a solid understanding of the material will earn the highest homework points. 

Additionally, here are some topics to consider:

How do journal entries ensure the basic accounting equation (Assets = Liabilities + Owner’s Equity) stays in balance?

What happens to the journal entries when recorded into the accounting system?  What do they accomplish?

Discuss the revenue and expense recognition concepts and why they are important.

What topic(s) gave you trouble this week (if any)?/What topic(s) do you feel you were able to grasp?  Post questions in the homework discussion thread!

Comment on the value of the activities you completed this week

The Self-Graded Assessments (unlimited attempts)