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Preparation Download and complete the Week 3 Assignment Template [DOCX] Download Week 3 Assignment Template [DOCX]. Review all assigned readings. Note: Accuracy in accounting is paramount. Take your time and double check your work for errors or omissions. Instructions Answer questions correctly. When you are satisfied with your responses, save and submit your template in the courseroom. Step 1: Outline how revenues and expenses are reported under the cash basis of accounting and the accrual basis of accounting. Step 2: Explain why adjusting entries are necessary at the end of an accounting period, as well as any ethical considerations that need to be kept in mind. Step 3: Identify examples of an adjusting journal entry for various types of transactions. Step 4: Explain accumulated depreciation. Step 5: Identify which account balances are extended to the Income Statement columns, the Statement of Retained Earnings columns, and the Balance Sheet columns. Step 6: Determine the current ratio between assets and liabilities for a given year. Step 7: List the accounting cycle steps in proper order. Your submission will also be graded on the clarity and quality of your write. So, make sure you are writing in complete and grammatically correct sentences. Competencies Measured By successfully completing this assignment, you will demonstrate your proficiency in the following course competencies and scoring guide criteria: Competency 1: Define accounting terminology and its application to accounting principles. Outline how revenues and expenses are reported under the cash basis of accounting and the accrual basis of accounting. Explain accumulated depreciation. List the accounting cycle steps in proper order. Competency 2: Apply accounting cycle strategies to manage business financial events. Explain why adjusting entries are necessary at the end of an accounting period. Identify examples of an adjusting journal entry for various types of transactions. Identify which account balances are extended to the Income Statement columns, the Statement of Retained Earnings columns, and the Balance Sheet columns. Determine the current ratio between assets and liabilities for a given year. Competency 4: Convey purpose, in an appropriate tone and style, incorporating supporting evidence and adhering to organizational, professional, and scholarly writing standards. Convey clear meaning through appropriate word choice and usage. Write in the third person, adhering to conventions of academic tone.
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