Description should include accounting procedure requirements for developing and analyzing income statements, balance statements, and statement of owners’ equity. Description should also include software tools for keeping accounting records.
Process/Skill Questions:
- How can up-to-date and accurate financial records help a business plan for the future?
- What software tools are available for accounting in small businesses? What are the advantages and disadvantages of using software tools to track business records?
- What are the four principles of generally accepted accounting principles (GAAP)?
- How does an entrepreneur use a monthly income statement?
- What are the consequences of failure to keep accounting records up to date?
- What are the consequences of false information being reported in financial statements?
- Why is an accountant important to a small business?
- What could a business owner use to make financial decisions if no financial statements were available to analyze?
- How should a business use financial statements?
- How often are financial statements prepared/updated?