Answer 2 Questions

Week 3 Discussion Board 1. Identify the steps in the accounting cycle and discuss the role of accounting records in an organization. 2. Describe a ledger account and a ledger 3. Explain how balance sheet accounts are increased or decreased 4 'Explain the double-entry system of accounting 5. Explain the purpose of a journal and its relationship to the ledger 6. Explain the nature of net income, revenue and expenses. 7. Apply the realization and matching principles in recording revenue and expenses. 8. Understand how revenue and expense transactions are recorded in an accounting system 9. Explain how to prepare a trial balance and explain its uses and limitations 10. Distinguish between accounting cycle procedures and the knowledge of accounting