Acct 1
Provide a summary of the accounting concepts learned through the readings and practice quizzes for this week. Demonstrate your understanding of the week’s concepts.
How do journal entries ensure the basic accounting equation (Assets = Liabilities + Owner’s Equity) stays in balance?
What happens to the journal entries when recorded into the accounting system? What do they accomplish?
Discuss the revenue and expense recognition concepts and why they are important.
What topic(s) gave you trouble this week (if any)?/What topic(s) do you feel you were able to grasp? Post questions in the homework discussion thread
Comment on the value of the activities you completed this week
The Self-Graded Assessments (unlimited attempts)