Answer every question in a minimum of 75 words and use the link provided as a source. It’ll take you directly to the answer to the question in my textbook.
1. According to our authors, name the four (4) general types of adjustments. Provide examples. LINK: https://open.lib.umn.edu/financialaccounting/chapter/5-1-the-need-for-adjusting-entries/
2. According to our authors, how does an investor differ from a creditor? Provide examples. LINK:https://open.lib.umn.edu/financialaccounting/chapter/3-1-the-construction-of-an-income-statement/
3. According to our authors, how does a business become a corporation? LINK: https://open.lib.umn.edu/financialaccounting/chapter/1-2-incorporation-and-the-trading-of-capital-shares/
4, According to our authors, how is materiality determined?
LINK: https://open.lib.umn.edu/financialaccounting/chapter/2-2-dealing-with-uncertainty/
5. According to our authors, define and explain “asset”. Provide examples.
https://open.lib.umn.edu/financialaccounting/chapter/3-2-reported-profitability-and-the-principle-of-conservatism/
6. According to our authors, why do accountants prepare closing entries? LINK: https://open.lib.umn.edu/financialaccounting/chapter/5-3-preparing-financial-statements-based-on-adjusted-balances/
7. According to our authors, define and describe the responsibilities of a CPA? Provide examples.
LINK: https://open.lib.umn.edu/financialaccounting/chapter/6-2-the-role-of-the-independent-auditor-in-financial-reporting/
8. According to our authors, why would a company that uses a perpetual inventory system still perform a physical inventory count? LINK:https://open.lib.umn.edu/financialaccounting/chapter/9-4-merging-periodic-and-perpetual-inventory-systems-with-a-cost-flow-assumption/
9. According to our authors, what is a corporation? Provide examples. LINK: https://open.lib.umn.edu/financialaccounting/chapter/1-2-incorporation-and-the-trading-of-capital-shares/
10. According to our authors, define and explain “expense.” Provide examples. LINK: https://open.lib.umn.edu/financialaccounting/chapter/3-2-reported-profitability-and-the-principle-of-conservatism/