BUSN 5200 Week 2 Homework
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BUSN 5200 Week 2 Homework
1.
Define the process of accounting.
2. What
are the three major divisions in the accounting field?
3. What
is the Fundamental Accounting Equation?
4. What
is the purpose of a balance sheet? What are some examples of typical balance
sheet accounts?
5. What
is the purpose of an income statement? What are some examples of typical income
statement accounts?
6. What
is the purpose of a statement of cash flows? What are some examples of typical
statement of cash flow accounts?
•
7.
Based on the financial information below, prepare an income statement and a
balance sheet for Joe’s-Fly-by-Night Oil company for the year ended December
31, 2012. Unless otherwise indicated, assume all information below is either
for the year 2012 or as of December 31, 2012.
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