Discussion questions

  1. What are some of the criteria that must be considered when identifying a business transaction? Additionally, how are debits and credits used to record these transactions? Discuss with your peers.
  2. Why is it important to make sure that debit and credit transactions are being recorded accurately in the right columns. What affects can this have on a business if it is down incorrectly.
  3. When is the cash basis method used for? Why might the IRS tell a business tell a business that finds it easier to use a cash basis method to use the accrual basis method

 

1.Discuss the method of accounting, accrual or cash that the matching principle applies to. Discuss with your peers.

  1. How does the Accrual Accounting Concepts makes up accounting? What does this do for a business?
  2. Why is the matching principle important in accounting? How does this affect you business income statement?

 

1.Provide citation and reference to the material(s) you discuss. Describe what you found interesting regarding this topic, and why. (Accounting Information Systems)

2.Describe how you will apply that learning in your daily life, including your work life.

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