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ACC 225 WEEK 1 COMPLETE WORK
ACC 225 – Financial Accounting
CheckPoint: Financial Statements
Resource: Fundamental Accounting Principles, Ch. 1
Due Date: Day 5 [post to the Individual forum]·
Consider that you have been asked to explain financial statements to someone whoknows nothing about accounting.
Review the information on financial statements in Ch. 1 of Fundamental AccountingPrinciples.
Discuss, in 200-300 words, each of the four financial statements. Explain the differentcomponents of the statements as well as what the statements tell about a business.
Exercises: Accounting and Business Organizations
Resource: Fundamental Accounting Principles, p. 30
Due Date: Day 5· Post your answers to Exercises 1-1 and 1-4.
Discussion Question 1
Due Date: Day 2 [post to the Main forum]· Post your response to the following: Interview a friend or family member about his/herwork environment. Is his/her organization a sole proprietorship, partnership, orcorporation? Who is involved with the accounting decisions and information? In whatways is your friend or family member affected by the accounting information?
Discussion Question 2
Post your response to the following: Describe one of the four basic financial statements,and answer the following questions.o For what is it typically used?o What information is the most valuable?o How does it complement another financial statement?· Respond to a classmate who selected a different financial statement from yours. How dothe financial statements tie into one another?