Describe the three functions of accounting

Describe the three functions of accounting

Describe the three functions of accounting

Apply the accounting vocabulary

Record various business transactions in accordance with generally accepted accounting principles.

Complete the steps of the Accounting Cycle.

Analyze the basic financial statements

Instructions:

Talk to a small business owner. Introduce us to the company and what they do. Ask the owner what the questions below.

Go meet a new entrepreneur. Do no use a neighbor or family member. Avoid businesses like an in-home daycare or someone selling Tupperware, Mary Kay, Essential Oils… Be sure to thank them for their time.

Ask them the following questions:

How long have they been in business?

What type of business formation do they have/ (LLC, Sole Proprietorship, Partnership, Sub S or Corporation)

What accounting system do they use? (Ledger, Excel, QuickBooks…)

What’s the biggest challenge for them in keeping their books?

Any advice for a person just starting a business?

You must proofread your paper. But do not strictly rely on your computer’s spell-checker and grammar-checker; failure to do so indicates a lack of effort on your part and you can expect your grade to suffer accordingly. Papers with numerous misspelled words and grammatical mistakes will be penalized. Read over your paper – in silence and then aloud – before handing it in and make corrections as necessary. Often it is advantageous to have a friend proofread your paper for obvious errors. Handwritten corrections are preferable to uncorrected mistakes.

Use a standard 10 to 12 point (10 to 12 characters per inch) typeface. Smaller or compressed type and papers with small margins or single-spacing are hard to read. It is better to let your essay run over the recommended number of pages than to try to compress it into fewer pages.

Likewise, large type, large margins, large indentations, triple-spacing, increased leading (space between lines), increased kerning (space between letters), and any other such attempts at “padding” to increase the length of a paper are unacceptable, wasteful of trees, and will not fool your professor.

The paper must be neatly formatted, double-spaced with a one-inch margin on the top, bottom, and sides of each page. When submitting hard copy, be sure to use white paper and print out using dark ink. If it is hard to read your essay, it will also be hard to follow your argument.