Describe the three functions of accounting
Describe the three functions of accounting
Apply the accounting vocabulary
Record various business transactions in accordance with generally accepted accounting principles.
Instructions:
Answer the following question:
If your last name begins with:
A-F choose discussion prompt 1
G-K choose discussion prompt 2
L- P choose discussion prompt 3
Q-Z choose discussion prompt 4
1. Define debits and credits and explain how they are used in the recording process. Explain how debits and credits are used to increase each of the 5 account classes.
2. Students often want to skip the journaling process. Explain the General Journal and a journal entry. Why is this important in the posting process? What could happen if the journal entries are not completed?
3. Explain the steps in the posting process. Also, discuss what a Trial balance is and why it is an important step in the accounting cycle. Does a trial balance that is in balance guarantee that all transactions posted are error-free?
4. Explain the difference between the Chart of Accounts and the General Ledger. What information does each contain, provide examples?
Please be sure to validate your opinions and ideas with citations and references in APA format.
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