I don’t understand this Accounting question and need help to study.
Category A – Please select and discuss one of the following issues:
- Explain why accounting is important and list the users of accounting information
- Describe the organizations and rules that govern accounting
- Describe the accounting equation and define assets, liabilities, and equity
- Explain how the accounting equation can be used to analyze transactions
Category B – Please select and discuss one of the following issues:
- Explain accounts as they relate to the accounting equation and describe common accounts
- Define debits, credits, and normal account balances using double-entry accounting and T-accounts
- Describe the recording of transactions in a journal and how journal entries are posted to the ledger
- Explain the trial balance and illustrate how it is used to prepare financial statements
