ACCT 2101 Lecture 2: Chapter 2: The Accounting Cycle: Accounts & its Analysis

Industry standards for finacial statement anlysis: A) are basedon a single competitor's finacial performance, B) are set by thegoverment, C) are available for finacial performance and conditionof the company industry, D) are based on rules of thumbs, E)compare a company's income with its prior year's income

Intra- company standards for financial statement analysis: A)are based on a company's prior performance and relations betweenits finacial items, B) Are often set by competitors, C) are set bythe company's industry through published statistics, D) are basedon a rule of thumbs, E) Are published in Dun and bradstreet

What is accounting cycle? Outline the basic steps included inaccounting cycle.

As required to complete Course Project 1, one must follow thecycle that includes 10 steps to complete the accounting cycle. (1)Explain how information from the journal entries get into theledger accounts (10 points) and (2) provide an example ofinformation that would be transferred.