accounting 498587

Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software.

• Explain to him the rules of debits and credits for the balance sheet and income statement.
• Provide examples from the manufacturing industry of:
  • a journal entry that would be recorded that impacts the balance sheet.
  • a journal entry that would be recorded affecting the income statement.
• Please provide the assumptions behind the transactions and the full journal entries.

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You have been asked to speak at a career fair for high school students in your home town.
Specifically, you are making a presentation about your role as an accountant.

• Describe for the students the primary objectives of accounting.
• Explain the basic terminology of the accounting process or financial reporting.
• Explain how accounting has affected your personal life emphasizing professional ethics.
• Explain the role that technology has played in small business