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?
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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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