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:

1. How long have they been in business?
2. What type of business formation do they have/ (LLC, Sole Proprietorship, Partnership, Sub S or Corporation)
3. What accounting system do they use? (Ledger, Excel, QuickBooks...)
4. What's the biggest challenge for them in keeping their books?
5. Any advice for a person just starting a business?