MBA 664 International Finance and Accounting
Pre-class Assignment
Requirements:
Please type answers right after each question.
Submission must be WORD format, made through the designated Dropbox in Moodle
For ease of reference, please use file name “PreClass_LastName”
What is the basic accounting equation?
Explain what asset is, and provide three examples of assets.
Explain what liability is, and provide three examples of liability.
Explain what equity is, and what would increase equity and what would decrease it.
What type of accounts have debit balances?
What type accounts have credit balances?
Explain double entry bookkeeping.
What are the five stages of accounting system?
When making a journal entry, does debiting an asset mean this asset increases or decreases?
When making a journal entry, does debiting a liability mean this liability increases or decreases?
What is the relation between net income and equity?
Assume your company has received $1,000 from your client for tech support services you just provided. How would you journalize this transaction?
Assume your company purchased a used truck for $12,000, with $3,000 paid by cash and $9,000 financed by a 5-year bank loan. How would you journalize this transaction?
Assume your company received $2,000 worth of inventory from the supplier, and have 30 days to pay. How would you journalize this transaction?
Assume your company sold all the above inventory purchased for $2,500, and allow the client 30 days to pay. How would you journalize this transaction?
Assume your company provided $1,000 worth of tech support services, and allow the client 30 days to pay. How would you journalize this transaction?
Assume your company paid $500 to the tech support staff for their service. How would you journalize this transaction?
Explain depreciation.
Explain the method of straight-line depreciation.
Explain accrued liabilities.
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