Devry ACCT 504 Week 2 Discussion DQ1 & DQ 2 Latest

Description

Devry ACCT 504 Week 2 Discussion DQ1 & DQ 2 Latest

DQ 1

Accounting Equation and Accounting Cycle (graded)

In this area, we will discuss the significance of the accounting equation, the rules of debit and credit, and the steps in the accounting cycle. We will talk about recording of transactions, normal balances, and the creation of the trial balance.

Let’s begin by asking this question: What is the role of the accounting equation in the analysis of business transactions?

DQ 2

Accrual Accounting and Adjusting Entries (graded)

In this area, we will talk about the difference between cash-basis and accrual-basis accounting, the importance of revenue recognition and matching principles, and the role of adjusting and closing entries in the preparation of the income statement, statement of retained earnings, and balance sheet.

How is cash-basis accounting different from accrual-basis accounting?

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Devry ACCT 504 Week 2 Discussion DQ1 & DQ 2 Latest