Accounting conventions for business scenarios
Complete a 3-part assessment that requires you to think critically to categorize business transactions, apply knowledge about the accounting equation, and identify accounting conventions for business scenarios.
PART 1-Given below is a list of 15 business transactions. Using Part 1 of the Assessment 1 Template, indicate whether each transaction increased (+), decreased (–), or had no effect (NE) on assets, liabilities, and owner’s equity.
PART 2-Using your knowledge about the accounting equation, answer the following questions in Part 2 of the Assessment 1 Template. Be sure to show your calculations.
PART 3-Using Part 3 of the Assessment 1 Template, identify the applicable accounting convention for each of the following business scenarios. More than one convention may apply to each scenario. Explain your choices for each scenario.
Before completing the scenarios consider and describe what role ethics has throughout the accounting process and reporting to internal and external customers. Throughout your assessments ensure that you apply ethics to your decision making and reporting.
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