A new group of recruits is starting work at your accounting firm. You would like to provide them with guidance on some accounting fundamentals. Draft a detailed memo addressing the following fundamentals of accounting. Your memo should thoroughly explain these concepts and, where appropriate, provide real-world examples of how these fundamentals can be applied. 

 

a. Managerial and financial accounting. 

b. The accrual and cash method of accounting 

c. The four basic financial statements. 

d. The three primary business activities. 

e. The rules and governing bodies that regulate financial accounting.

f. The cost principle ,the entity principle ,the monetary unit principle, and the going concern principle. 

g. The significance of the basic accounting equation.

Answer rating: 100% (QA)

Memo To New Recruits From Your Name Date Date Subject Accounting Fundamentals Guidance Welcome to the accounting firm As you embark on your journey in the world of accounting its essential to understa... View the full answer