Introduction to the Accounting Cycle

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Instructions

Respond to the following questions using grammatically correct language and appropriate APA citations. To achieve a proficient grade in this assignment, answer the proficient-level queries for each question. To achieve a distinguished grade, answer both sets of queries for each question.

  1. Question 1:
    • Proficient:
      • Describe the steps in recording and posting the effects of a business transaction and provide some examples of source documents used in these steps.
      • Define debit and credit and name the types of accounts that are (three correct responses):
        • Increased by a debit.
        • Decreased by a debit.
        • Increased by a credit.
        • Decreased by a credit.
    • Distinguished:
      • Correctly identify all of the types of accounts on the list.
  2. Question 2:
    • Proficient:
      • Which steps in the accounting cycle are performed throughout the accounting cycle?
      • Which of the steps in the accounting cycle are performed only at the end of the accounting period?
    • Distinguished:
      • Many of the steps in the accounting cycle can be performed on a computer with an accounting software package. Research three of the most commonly used packages and decide which one you would choose if you were starting a small business this year.
  3. Question 3:
    • Proficient:
      • Why are separate “expense” and “revenue” accounts used when all revenues and expenses could be shown directly in the retained earnings account?
      • Describe three examples of transactions that would affect a firm’s income statement. For each transaction, identify if the transaction has a positive or negative effect on the firm’s net income.
    • Distinguished:
      • What is the purpose of the “dividends” account and under what circumstances would this account be increased?
      • Under what circumstances would the “dividends” account be decreased?
  4. Question 4:
    • Proficient:
      • Are the following possibilities conceivable in an entry involving only one debit and one credit? Please explain your response for each item. Provide five or six correct responses:
        • Increase a liability and increase an expense.
        • Increase an asset and decrease a liability.
        • Increase revenue and decrease an expense.
        • Decrease an asset and increase another asset.
        • Decrease an asset and increase a liability.
        • Decrease revenue and decrease an asset.
        • Decrease a liability and increase revenue.
    • Distinguished:
      • Correctly identify all of the items.
  5. Question 5:
    • Proficient:
      • Define the “normal” balance for an account.
      • What are the rules of debit and credit for accounts appearing on a firm’s balance sheet?
    • Distinguished:
      • What are the rules associated with accounts appearing on a firm’s income statement?

Write your responses in a Microsoft Word document and submit it as an attachment in the assignment area. Prior to submitting your assignment, review the Introduction to the Accounting Cycle Scoring Guide to ensure you have met all of the requirements and as a self-assessment of your work. Be sure to address the questions at the proficient and distinguished levels to achieve the highest grade possible.

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