Analyzing the Effect of Transactions|Business
Write a min of 1000 words for each question
1. In the 1400’s, Luca Pacioli, who is known as the father of accounting, introduced the world to a better understanding of accounting and the double entry accounting system through his book, Summa de Arithmetica, Geometria, Proportioni et Proportionalita. Today, the same principles and concepts keep many companies around the world well informed of their financial standing:
How are business events captured for reporting? What is the ultimate purpose of communicating accounting information?
2. What are the steps in completing the accounting cycle? How do the different steps affect the financial statements? What is the effect on the financial statements of missing a step when completing the accounting cycle?
3. How are changes in business activities monitored and tracked?
4. What is the revenue recognition principle? What is the expense recognition principle? In your opinion, why are these important to financial reporting?
5. Analyzing the Effect of Transactions.
how to develop a reflection on the effect of each transaction on assets, liabilities, and stockholder’s equity.
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