Prepare a flowchart which demonstrates how accural accounting and cash flows are linked for a merchandise sale. Analyze the impact on the financial statements of each. Provide the required references, if applicable.
Accounting is ingrained in our society and it is vital to our economic system in the U.S. How does this fit with your perception of accounting? Justify your response with examples.
Answer questions after reading activity in the attached file:
1. What happened here? Were there really any right or wrong answers?
2. Why or why not?
3. Can even a minimal exposure to accounting theory influence reasoning power?
4. Is accounting theory really necessary for the establishment of accounting rules? W
Prepare written answers to the following assignments from the text, Financial Accounting 6th ed:
a. Chapter 1:
1) Exercise E1-1
2) Exercise E1-5
3) Exercise E1-12
4) Exercise E1-13
b. Chapter 2:
1) Exercise E2-2
2) Exercise E2-3
c. Chapter 7:
Exercise E7-3
