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Accounting

You can choose anything you want.
Please do fast you can.
Please provide an original post AND please reply to at least oneclassmate's post around one of the topics from this week,explaining a topic to the class, discussing a problem that youfound particularly difficult, or expanding on something that youlearned. To get full points you should have a thoughtful topic orresponse. You must complete both parts to get full credit. Pleasesee below for an example of a strong discussion post and reply.
Learning Objectives: CHAPTER 1
Explain why accounting is the language ofbusiness
Explain and apply underlying accountingconcepts, assumptions, and principles
Apply the accounting equation to businessorganizations
Evaluate business operations through thefinancial statements
Construct financial statements andanalyze the relationships among them
Evaluate business decisions ethically
Learning Objectives: CHAPTER 2
Explain what a transaction is
Define “account” and list anddifferentiate between different types ofaccounts
Show the impact of business transactions onthe accounting equation
Analyze the impact of business transactions onaccounts
Record (journalize and post) transactions inthe books
Construct and use a trial balance
EXAMPLE OF WHAT I'M LOOKING FOR:
One thing I found challenging was the credits and debitsconcept from chapter two and matching them up, (common stock wouldbe a cash debit and stock credit). Once I got it down it was one ofthose "why didn't it make sense to me sooner" moments but at thetime I didn't understand and would switch things. How I approachedthe chapter was really to make sure I understood all the terms, ienotes payable, accounts receivable, etc. Being able to understandthem without going back to the textbook made the process a bitfaster and overall easier. Another thing was really takingadvantage of the internet and that if there was something in thetextbook I didn't understand, looking it up on Google and goingthrough different websites and tutorials. While going through theproblems I made sure to take as thorough notes as I could withinformation that I knew would help me moving forward, targeting theproblems that were difficult for me. Being able to go back and readthrough something that was written in a way that made the mostsense to me as an individual definitely proved helpful. I alsoSkyped a friend who is currently enrolled in a financial accountingclass and we would work through problems together.

Answer & Explanation Solved by verified expert

3.6 Ratings (664 Votes)

As I understand from the question posted is You are looking for a Question Solution which covers thecomplete discussion of Chapter 1 2The following answer is with above perspectiveLearning Objectives CHAPTER 1Explain why accounting is the language ofbusiness People with an interest in the affairs ofenterprises include shareholders and potential shareholderssuppliers and potential suppliers of debt capital trade creditors customers employees officials of IT department and othergovt interests All these people have interest in ensuring theFinancial Statement Balance Sheet Income Statement Cash Flowstatement they use and upon which they rely to present a true andfair picture of the position and progress of the enterprise Basisthis presentation we will understand if the business is earningsufficient profits or incurring losses and it has sufficient moneyto pay off debts or not This helps the investors and creditors tomake rational decisions concerning investments and credits Thisalso helps in assesing the amount timing and uncertainty ofprospective cash flow It also enhance the social welfare bylooking into the interest of employees trade unions customers andGovernmentExplain and apply underlying accounting conceptsassumptions and principles The basic and widely useaccounting CONCEPTS are a Accruals concept Revenues are recognised once earned and expenses are recognisedwhen assets are consumed which means that a business recognisesales profits and losses in amounts that vary from what would berecognised based on the cash received from customers or when cashis paid to suppliers and employees b Conservatism conceptRevenues are only recognised when there is a reasonable certaintythat they will be realised whereas expenses are See Answer

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