You are the staff accountant working at a local tutoring center. The monthly financial statements (Income Statement, Statement of Retained Earnings, and Balance Sheet) were just finalized and released to the employees of the tutoring center. You hear some of the other employees talking about the financial statements. In most cases, the employees do not understand the purpose of the statements. You have been asked by your supervisor to create a MEMO to be sent to the employees of the tutoring center that includes the following: Explain how accounting became a “norm” (what made a system of accounting necessary) and reflect on why YOU think it is beneficial for society as a whole to have a standard method of accounting.
You are the staff accountant working at a local tutoring center. The monthly financial statements (Income Statement, Statement of
Explain how accounting became a “norm” (what made a system of accounting necessary) and reflect on why YOU think it is beneficial for society as a whole to have a standard method of accounting.
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