Discussion Questions -
There are two different fields of accounting that one can study: managerial accounting and financial accounting. Tell me what are the primary differences between the two of these ( in your own Words). Based on our summary of the differences, do you believe that you'd be more likely to pursue a career in financial accounting or managerial accounting? If you don't think that accounting is a field for you, what makes you feel this way?
There are 4 basic financial statements that are introduced in Chapter 1. In your opinion, which of these statements do you feel is the most important and why?
In your own Words, explain the economic entity assumption. Why do you feel that this is important for business owners?
Newman Production Services started the year with $120,000 in Assets and $70,000 in Liabilities. Revenues and expenses for the year amounted to $100,000 and $20,000, respectively. During the year the owner made no additional contributions but had $45,000 in withdrawals. How much was Newman's net income?