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
Principles.
• 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.
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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.
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ACC 225 Week 3 DQ 1 and DQ 2
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Discussion Question 1
• Due Date: Day 2 [Main] forum
• Post your response to the following:
o What is the difference between cash basis and accrual basis accounting?
o Why do accrualbasis financial statements provide more useful information than
cashbasis financial statements?
o Describe when each method (cash basis and accrual basis accounting) would be
appropriate to use.
Discussion Question 2
• Due Date: Day 4 [Main] forum
• Post your response to the following: The Ritz Manor is a popular seaside resort. A
double room costs $220 for one night. In order to reserve a...