Questions -
1. How you could use the double-entry system to maintain records of your personal finances. What types of accounts would you use for the accounting elements?
2. As an accountant working with small business clients you have recently visited a client's business and the bookkeeper approached you with a problem. The columns of the trial balance were not equal. You assisted the bookkeeper in locating the error. Explain the purpose of the double-entry framework, the importance of maintaining equality of the accounting equation, the errors that might cause an inequality, and suggestions for finding errors.
3. What would it be like to run your own business? If you started a business, what would it be? What describes the type of business you would enjoy the most. Would it be a service, merchandising, or manufacturing business? What form of ownership would be prefered and why.
4. What types of ethical issues are facing the accounting profession? What are examples of Ethical issues in Accounting as well as Business?
5. Explain the five steps required when posting the journal to the ledger? What steps do you find yourself struggling with?
6. Explain why it would be necessary to prepare T-Accounts as well as the general journal, general ledger and trial balance?