2 Chapter summaries needed

Please see attached documents regarding writing a summary for week 1 and 2 and the requirements. This is not a paper or project, but just a written description in your own words of what was learned in the assigned chapters.

There are things to consider within the document provided. Basically, for both summaries the same thing is needed… just different chapters, which can be found here:  

http://www.principlesofaccounting.com/

Thanks   Homework
Week 1: Chapter 1, 2, 3 Readings
You should use the web site http://www.principlesofaccounting.com/ with textbook pages and
videos as a primary source for course material. You will use the POA website for the weekly
activities. Upon completion of the readings, write a report on your activities this week as a
Word document and upload it to this week’s Homework assignment folder.
•
Summarize what you learned through your readings. Demonstrate an
understanding of the week’s concepts.
Understanding the Journal Entry debit/credit system is an important skill to have. This
understanding enables you to understand how business transactions are recorded into the
accounting system, how that system processes and summarizes those transactions, and how the
summary of those transactions is reported in the form of the financial reports.
Additionally, here are some things to consider:
•
•
•
•
•
•
Discuss the four financial reports and what aspect of a corporation’s financial situation is
measured and reported.
How do journal entries ensure the basic accounting equation (Assets = Liabilities +
Owner’s Equity) stays in balance?
What happens to the journal entries when recorded into the accounting system? What do
they accomplish?
Discuss the revenue and expense recognition concepts and why they are important.
What topic(s) gave you trouble this week (if any)?/What topic(s) do you feel you were
able to grasp? Post questions in the homework discussion thread!
Comment on the value of the activities you completed this week
o The Self-Graded Assessments (unlimited attempts)
These are just examples of things you could write about, but feel free to write anything you want.
There are no right or wrong answers to this weekly homework report assignment. The most
important aspect of this write-up is to document your understanding of the week’s
concepts!
Remember all submissions and postings in our class must be in your own words. Deliverables
are to be single spaced with double spacing between paragraphs. We are writing business reports.
Comments you create in this submission, serve, effectively, as a business report on the week.
Week 2: Chapter 4, 5, 6 Readings
You should use the web site http://www.principlesofaccounting.com/ with textbook pages and
videos as a primary source for course material. You will use the POA website for the weekly
activities. Upon completion of the readings, write a report on your activities this week as a
Word document and upload it to this week’s Homework assignment folder.
•
Summarize what you learned through your readings. Demonstrate an
understanding of the week’s concepts.
Provide a summary of the accounting concepts learned through the readings and practice
quizzes for this week. Demonstrate your understanding of the week’s concepts. The more
detailed your write-up documenting your understanding the higher it will be graded. (See
Rubric for details.)
After addressing the above topics, additional topics you can incorporate into your weekly
homework assignment:
•
•
•
•
•
•
Describe what types of business transactions are reported on each of the financial reports.
Why do companies go through a closing process? What accounts are closed in that
process? Are they really closed and ‘erased’ from the accounting system?
Discuss the additional accounting issues faced by merchandisers/retailers that service
companies do not address.
What does a system of internal controls achieve? (You can apply this to internal controls
over cash, or a general discussion of internal controls.)
What topic(s) gave you trouble this week (if any)?/What topic(s) do you feel you were
able to grasp? Post questions in the homework discussion thread!
Comment on the value of the activities you completed this week
o The Self-Graded Assessments (unlimited attempts)
The most important aspect of this write-up is to document your understanding of the
week’s concepts!
Remember all submissions and postings in our class must be in your own words. Deliverables
are to be single spaced with double spacing between paragraphs. We are writing business reports.
Comments you create in this submission, serve, effectively, as a business report on the week.