ACC 225 Week 1 Checkpoint Financial Statements
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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 who
knows nothing about accounting.
• Review the information on financial statements in Ch. 1 of Fundamental Accounting
• Discuss, in 200300 words, each of the four financial statements. Explain the different
components of the statements as well as what the statements tell about a business.

ACC 225 Week 1 DQ 1 and DQ 2
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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/her
work environment. Is his/her organization a sole proprietorship, partnership, or
corporation? Who is involved with the accounting decisions and information? In what
ways is your friend or family member affected by the accounting information?

Discussion Question 2
• Due Date: Day 4 [post to the Main forum]
• 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 do
the financial statements tie into one another?

ACC 225 Week 1 Exercise Accounting and Business Organizations
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Exercises: Accounting and Business Organizations
• Resource: Fundamental Accounting Principles, p. 30
• Due Date: Day 5
• Post your answers to Exercises 11 and 14.

ACC 225 Week 2 Assignment Preparing Journal Entries and Trial Balances
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