Discussion 1

“Since you are enrolled in an introductory accounting class, a friend asks you the following: "I have never understood debits and credits." Provide a brief explanation of the terms debit and credit and how they are used in an accounting information system.

Classify the following activities as part of the identifying (I), recording (R), or communicating (C) aspects of accounting.

Cash has a normal debit balance.  What does this mean in accounting?  Be specific and provide as many details about this as you can. Use examples and show that you know the importance of this concept!

In a business, what does it mean to apply credits? I understand what the definition of a credit is, but what does it mean to apply credits in accounting? Please explain, thank you.

In accounting for a business, what does it mean to apply credits? Please explain.

1.    What do you think of when you hear the word debit? What do you think of when you hear the word credit? 2.    What does our textbook say about debits and credits? 3.    How would you describe the left (debit) and right (credit) side of each of the four basic account types: Asset, Liability, Equity, Revenue and Expense? Can you share an example of each type? 4.    Which account types are presented on the Balance Sheet? What about the Income Statement? 5.    Our eBook describes how to calculate an account balance. Can you describe this process for the Cash account in your own words? How is this process different for a Liability or Owner’s Equity Account? 6.    What does the term ‘normal balance’ mean?

of economic events is the part of the accounting process that involves Communication O a. preparing accounting reports Ob.identifying economic events Oc. quantifying transactions into dollars and cents O d. recording and classifying information

Solve this question with steps please. The subject is fundamental of financial accounting.