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Business · Accounting
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Essay Questions: (5pts each) 1. Why is the adjustment process important in accounting bookkeeping? 2. Why is the closing process important in the accounting bookkeeping? 3. Suppose a new accountant at your firm has worked for service businesses in the past. This is their first job with a merchandising business and they send you an e- mail asking you whether there is any difference in the way service and merchandising businesses complete adjustments. How would you answer the question? Suppose that you are doing part-time accounting work for a business and being paid by the hour. The owner asks you why you are bothering to prepare a worksheet. He thinks that you can save time by preparing the financial statements from the account balances in the general ledger. How would you convince him that it is worthwhile to spend time preparing a worksheet? List at least five (5) reasons. 4. 5. How does a cash discount differ from a trade discount?
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