individual assignment course principles of accounting acc10
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<b>FPT UNIVERSITY- CAMPUS CAN THO</b>
<b>INDIVIDUAL ASSIGNMENT</b>
<b>COURSE: PRINCIPLES OF ACCOUNTING – ACC101</b>
<b>Subject: Principles of Accounting(ACC101)Class</b>
<b>Lecturer’s Name: Student’s Name: </b>
<b>Student’s ID: </b>
<b> </b>
</div><span class="text_page_counter">Trang 2</span><div class="page_container" data-page="2"><b>Question 1:A.</b>
<b>B.</b>
</div><span class="text_page_counter">Trang 3</span><div class="page_container" data-page="3"><b>D.</b>
</div><span class="text_page_counter">Trang 4</span><div class="page_container" data-page="4"><b>Question 2:</b>
</div><span class="text_page_counter">Trang 7</span><div class="page_container" data-page="7">2. Balance Sheet:
- Purpose: Describes a company’s financial position (types and amounts of assets, liabilities, and equity) at a point in time.
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3. Statement of Cash Flow:
- Purpose: Identifies cash inflows (receipts) and cash outflows (payments) over a period of time.
</div><span class="text_page_counter">Trang 13</span><div class="page_container" data-page="13">4. Statement of Owner’s equity:
- Purpose: Explains changes in equity from net income (or loss) and from any owner investments and withdrawals over a period of time.
</div><span class="text_page_counter">Trang 15</span><div class="page_container" data-page="15"><b> Explain how accounting adjustments link to financial statements.</b>
Accounting adjustments bring an asset or liability account balance to its correct amount. They also update related expense or revenue accounts. Every adjusting entry affects one or more income statement accounts and one or more balance sheet accounts. An adjusting entry never affects the Cash account.
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