ACC 280 Week 1 DQs

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ACC 280 Week 1 DQs

Discussion Questions:

Week 1:

What are the four basic financial statements? What do the different financial statements tell you about a company? Which financial statement is the most useful? Why? What types of information is provided to managers in your department and how do managers in your organization use information presented in financial statements?

What do you think of when you hear the word debit? What do you think of when you hear the word credit? Why does your bank statement show a credit for an increase in your cash balance? Is an increase to your bank statement a debit or a credit? What method would you use to summarize transactions and transfer to the ledger?

Who are the different users of accounting information? What are the differences between managerial and financial accounting? What is the role of the CPA and how does it differ from other accountants? What is the value of the accounting function in your organization, both internally and externally?

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