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Mathematics · Studypool

Mathematics Question

Post ID: 3424990

assignment 1

Accounting in the Real World” Interview Project

Chapters Covered:

  • Chapter 1 – Accounting in Business
    • C1: Explain the purpose and importance of accounting.
    • C2: Identify users and uses of accounting information, and explore opportunities in the field.
    • C3: Describe why ethics and GAAP are critical in accounting.
  • Chapter 2 – Analyzing & Recording Transactions
    • C: Understand transaction analysis and the role of source documents.

Goal

The purpose of this assignment is to connect classroom learning to real-world accounting practices. By speaking with a small business owner, bookkeeper, or accountant, you will see how accounting principles from Chapters 1 and 2 are applied in day-to-day operations.

Assignment

Conduct an interview (in-person, by phone, or via video call) with one of the following:

  • A small business owner
  • A bookkeeper
  • A professional accountant

Ask at least the following questions:

  1. What financial statements do you use regularly, and why?
  2. How do you track transactions in your business or work?
  3. What are the most common accounting challenges you face?
  4. What accounting tools or software do you rely on?

Deliverable

Submit a 1–2 page typed write-up that includes:

  • Interview Summary: A brief overview of who you interviewed and their role.
  • Key Insights: Main points learned from each interview question.
  • Reflection: How the interview enhanced your understanding of real-world accounting.

Format Requirements

  • APA Formatting
    • 12-point Times New Roman font
    • Double-spaced
    • 1-inch margins
    • Include in-text references to concepts from the textbook (e.g., “As described in Chapter 2…”)

    • assignment 2

      Mini Business Simulation – Start-Up Scenario

      Chapters Covered:
      • Chapter 3 – Adjusting Accounts
        • C: Explain why adjusting entries are essential for accrual accounting.
      • Chapter 4 – Completing the Accounting Cycle
        • Describe the steps of the accounting cycle.
        • Analyze effects of closing entries on temporary accounts.
        • Prepare closing entries and post-closing trial balance.

      Goal

      This simulation gives you hands-on practice completing the entire accounting cycle—from recording transactions to preparing financial statements. By working through a small business scenario, you’ll see how each step builds toward accurate financial reporting.

      Task

      1. Create Your Business
        • Choose from:
          • A fictional small business provided by your instructor OR
          • Your own idea (examples: sneaker resell shop, tutoring service, food truck, pet-sitting service).
        • Give your business a name, type of products/services, and a starting cash balance.
      2. Complete the Accounting Cycle (Over 1–2 weeks): Accounting Cycle Template
        • Step 1: Record the following 6 business transactions below in the general journal.
          • Owner Investment
          • Purchase of Supplies for Cash
          • Purchase of Equipment on Account
          • Revenue Earned for Cash collected immediately
          • Cash received for products/services but not earned
          • Payment of Expense 1 in Cash
          • Payment of Expense 2 in Cash
          • Purchased Prepaid Insurance for 3 months
          • Paid in advance for 3 months of rent
        • Step 2: Post journal entries to the general ledger.
        • Step 3: Prepare an unadjusted trial balance.
        • Step 4: Journalize and post adjusting entries (deferrals and accruals).
          • Adjusting entry showing that physical supplies inventory is different from the supplies account balance
          • Equipment has depreciated for three months
          • Revenue previously in unearned revenue has now been earned
          • Insurance expired for 3 months
          • Rent has expired for 3 months
        • Step 5: Prepare an adjusted trial balance.
        • Step 6: Create financial statements(Income Statement, Statement of Owner’s Equity, Balance Sheet).
        • Step 7: Journalize and post closing entries.
        • Step 8: Prepare a post-closing trial balance.
      3. Reflection
        • Write a 1-paragraph reflection explaining:
          • Why adjusting entries were necessary in your business scenario.
          • How closing entries impact temporary accounts.
          • Calculate and explain what your profit margin says about your business performance.

      Deliverable

      Submit a Accounting Cycle Packet containing:
      • Excel Template with the following:
        • Business description (name, product/service, starting balance)
        • General journal entries
        • Ledger postings
        • Unadjusted trial balance
        • Adjusting entries & adjusted trial balance
        • Financial statements
        • Closing entries & post-closing trial balance
      • Microsoft Word Document with the following:
        • Reflection paragraph

      Format Requirements

      • Use standard accounting formats for all journals, ledgers, and trial balances.
      • Financial statements must be properly labeled with business name, title, and date.
      • Work may be neatly handwritten or typed (spreadsheets allowed).