01 Jan Describe the types

Week 1 Discussion

To receive full credit for Week Oneof the discussion board, you must post the following:

At leastone answer for each chapter assigned (Chapters 1-3)
At least two replies to the posts of other students
For full credit you must complete a total of five significant posts

Keep in mind that five posts is the minimum required, but more involvement on your part will increase the benefit you will receive from this class.

Chapter 1Introduction to Accounting and Business
Describe the types and forms of businesses, how businesses make money, and business stakeholders.
Describe the three business activities of financing, investing, and operating.
Define accounting and describe its role in business.
Describe and illustrate the basic financial statements and how they interrelate.
Describe eight accounting concepts underlying financial reporting
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Chapter 2 Analyzing Transactions
Describe the basic elements of a financial accounting information system.
How do you analyze, record, and summarize transactions for a corporation’s first period of operations?
How do you prepare financial statements for a corporation’s first period of operations?
How do you analyze, record, and summarize transactions for a corporation’s second period of operations?
How do you prepare financial statements for a corporation’s second period of operations?
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Chapter 3 The Adjusting Process
Describe basic accrual accounting concepts, including the matching concept.
How do you use accrual concepts to analyze, record, and summarize transactions?
Describe and illustrate the end-of-period adjustment process.
How do you prepare financial statements using accrual concepts of accounting, including a classified balance sheet?
Describe how the accrual basis of accounting enhances the interpretation of financial statements.