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Posted: March 5th, 2022

Record various business transactions in accordance

Record various business transactions in accordance

This assessment addresses the following course objective(s):

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?

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