Assignment: Functions of accounting Assignment: Functions of accounting This assessment addresses the following course objective(s): Describe the three function

Assignment: Functions of accounting

Assignment: Functions of accounting

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.



Answer the following question:If your last name begins with:

A-F choose discussion prompt 1

G-K choose discussion prompt 2

L- P choose discussion prompt 3

Q-Z choose discussion prompt 4


1. Define debits and credits and explain how they are used in the recording process. Explain how debits and credits are used to increase each of the 5 account classes.

2. Students often want to skip the journaling process. Explain the General Journal and a journal entry. Why is this important in the posting process? What could happen if the journal entries are not completed?

3. Explain the steps in the posting process. Also, discuss what a Trial balance is and why it is an important step in the accounting cycle. Does a trial balance that is in balance guarantee that all transactions posted are error-free?

4. Explain the difference between the Chart of Accounts and the General Ledger. What information does each contain, provide examples? Be sure to validate your opinions and ideas with citations and references in APA format.

You must proofread your paper. But do not strictly rely on your computer’s spell-checker and grammar-checker; failure to do so indicates a lack of effort on your part and you can expect your grade to suffer accordingly. Papers with numerous misspelled words and grammatical mistakes will be penalized. Read over your paper – in silence and then aloud – before handing it in and make corrections as necessary. Often it is advantageous to have a friend proofread your paper for obvious errors. Handwritten corrections are preferable to uncorrected mistakes.

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The paper must be neatly formatted, double-spaced with a one-inch margin on the top, bottom, and sides of each page. When submitting hard copy, be sure to use white paper and print out using dark ink. If it is hard to read your essay, it will also be hard to follow your argument.

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