Answer questions related to the accounting cycle.
A company may be profitable but cash poor, or generating millions of dollars in revenue but still not profitable. How the business transactions are reported in books is very important for regulators as well as investors. Accurate reporting of business transactions is essential for transparency.
This course has introduced the accounting process of analyzing, classifying, and summarizing business transactions into accounts. Now, you begin to examine things in more detail, including:
This assessment focuses on the need for adjusting entries, including:
Note: Accuracy in accounting is paramount so take your time and double-check your work for errors or omissions.
Answer questions correctly. When you are satisfied with your responses, save and submit your template in the courseroom.
Step 1: Compare and contrast how revenues and expenses are reported under the cash basis of accounting and the accrual basis of accounting.
Step 2: Explain why adjusting entries are necessary at the end of an accounting period.
Step 3: Identify examples of an adjusting journal entry for various types of transactions.
Step 4: Explain accumulated depreciation.
Step 5: Identify which account balances are extended to the Income Statement columns, the Statement of Retained Earnings columns, and the Balance Sheet columns.
Step 6: Determine the current ratio between assets and liabilities for a given year.
Step 7: List the accounting cycle steps in proper order.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
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