discussion question 518

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  • In your own words, explain the recording process and the accounting equation to someone who has no accounting experience.
  • Then, give your opinion on the elements or areas that might cause the most confusion or be the most difficult to grasp.
  • In order for companies to prepare and issue financial statements, their accounting equations (debits and credits) must be in balance at year end. Discuss how errors and misstatements may occur given this requirement.
  • Bookkeeping is largely done today using a computer and software. Discuss whether you feel this is a help or a hindrance to someone learning bookkeeping rules.

 

 
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