Solved by verified expert :Discussions
To participate in the following discussions, go to this week’s Discussion link in the left navigation.
Accounting Cycle
Financial statements are a
product of the accounting cycle. Think about two different
companies: a manufacturing company, and a retail company. Why
would different companies have different accounting cycles? Would
you expect the steps of the accounting cycle to be the same for each
company? Why or why not?
Guided Response:
Review several of your peers’ posts and identify what steps of the
accounting cycle that you feel are the most critical. Respond to at
least two of your peers and provide recommendations to extend their
thinking. Challenge your peers by asking a question that may cause
them to reevaluate their position on the accounting cycle. Bank Reconciliation
What is the purpose of a bank
reconciliation? What are the reasons for differences between the
cash reported in the accounting records and the cash balance in the bank
statements?
Analyze several of your peers’ posts. Let at least two of your peers
know what happens to the discrepancies between the book balance and the
bank balance. Could these differences just be written off?
Guided Response:
A bank reconciliation reconciles the bank account balance per the books to
the actual bank balance. Outstanding checks, deposits in transit,
and bank errors are reasons there are differences between the cash
reported in the accounting records and the cash balance in the bank
statements.
Exercise Assignment
To complete the following assignment, go to this week’s Assignment link in the left navigation.
Revenue and Expenses
Please complete each of the exercises below in a word document. Save the
document, and submit to in week using the Assignment Submission
button.
