Question: In order for companies to prepare and issue financial statements, their accounting equations (debits and credits) must be in balance at year end. Discuss how errors and misstatements may occur given this requirement.
Bookkeeping is largely done today using a computer and software. Discuss whether you feel this is a help or a hindrance to someone learning bookkeeping rules.
- Discuss whether or not you believe gift cards should have an expiration date.
- Based on your response, what is the implication related to the accounting treatment of the transaction