Expense and Date Explanations Essay

In the School of business at Centennial College my program of study I am enrolled into is “Business Accounting 2801”, it is a 2 year diploma program. The reason why I chose to pursue Business Accounting as a profession is due to the various career paths and employment is abundant. The accounting field is broad and touches all businesses and industries, I also selected this program because I have a good grasp for numbers and logic. In addition, to completion of Business Accounting I hope to further my skills with all the knowledge I obtained by finding a suitable career

Kimmel,Paul D,Weygand, J, Donald E. Kieso (2008). Accounting. 3rd ed. New York : George Hoffman. Page 1010.

Garrison, R., Noreen, E., & Brewer, P. (2015). Managerial accounting (Fifteenth ed.). New York, NY: McGraw-Hill Education.

Kieso, D. E., Weygandt, J. J. and Warfield, T. D. (2007). Intermediate Accounting. (12th ed.). Hoboken, NJ: Wiley.

Harrison, W. T. (2013). Financial Accounting, VitalSource for DeVry University, (9th ed.). Pearson Learning Solutions.

Items of value to a company such as equipment or supplies needed for running an efficient business are called an asset. A liability is when a company owes for a service or pay for employees. After a liability is subtracted from an asset this becomes the owners interest in the company or owners’ equity. Regardless of the standards followed by accountants, they will always classify accounts into these three categories resulting in the Accounting Equation: (Editorial Board, 2012, p. 9- 10)

Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2012). Accounting Principles (10th ed.). Hoboken, NJ: John Wiley & sons.

Chapter 03: Financial Accounting Exercise 03-02: Basic Financial Accounting Process Single Company Code Version 1 Rev: 01/03/2011

Libby, R., Libby, P., & Short, D. (2009). Financial accounting; 6th Ed. New York, NY: McGraw Hill Retreived from: http://highered.mcgraw-hill.com/sites/0073324833/student_view0/chapter1/information.html.

Kieso, D.E., Warfield, T.D., & Wegandt, J.J. (2010). Intermediate Accounting. Hoboken, New Jersey: John Wiley & Sons, Inc.

Using your accounting and business knowledge, please discuss the following phrase in 3-4 double spaced pages (excluding the cover and reference pages).

FUNDAMENTAL FINANCIAL ACCOUNTING CONCEPTS Published by McGraw-Hill/Irwin, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY, 10020. Copyright © 2013, 2011, 2008, 2006, 2003, 2000, 1998, 1996 by The McGraw-Hill Companies, Inc. All rights reserved. Printed in the United States of America. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval

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Atrill, P, McLaney, E, Harvey, D, Jenner, M 2008, Accounting: an introduction, 5th ed, PEARSON, Australia, pp191

insurance. If there are few moving parts, use 1 or 2%, otherwise up to 5 or 6% of