Question

Scenario: Leanne has just been hired in the accounting department. As a new employee and recent high school grad, she has some basic accounting background but does not fully understand all accounting concepts. To make sure she’s successful, you decide to give her a brief overview of why the financial statements of the company are so important. After all, it is near the end of the fiscal year and the company must publish them because they are publicly traded.

Write a brief summary in memorandum format for Leanne. It’s important for her to know how these reports are used and why they are the face of any organization. Your memo does not need to be more than a page and a half long but must contain all of your vocabulary words (fiscal period, worksheet, trial balance, adjustments, balance sheet, income statement, net income, net loss, matching principle, and ruling). You can key your memo on a Word document, Google document, or the text entry box of this assignment. Submit to Canvas when done.

Answer 1

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Accounting Concepts and Conventions

Financial Accounting both practical and theory-based is built on some accounting principles. There are some accounting equations that support these too. And these accounting principles are built on a few assumptions that we call accounting concepts. These thirteen accounting concepts find wide acceptance across the world by accounting professionals and auditors.