ACC 205 Week 1 DQs and Journal

DQ 1: As you have learned in this week’s readings the Accounting Equation is Assets = Liabilities + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation.

DQ2: what does the term account mean? What are the different classifications of accounts? How do the rules for debits and credits impact accounts? Please provide an example of how debits and credits impact accounts.

Balance Sheet Journal

The balance sheet is a financial snap shot of a company at a particular point in time. The balance sheet lists the assets, liabilities, and equity of the company. Reflect on your personal financial situation, can you apply the concepts of the balance sheet? What did you learn from this reflection?