DIRECTIONS: Using Microsoft Word, write at least a paragraph about each of the five basic accounting elements in the space below. Be sure to indicate name and date above. For each accounting element, do the following.
- Define it first. Be sure the definition is adequate enough so you can determine what something is when we start working on transactions.
- Give at least two or three examples.
- Tell what it takes to increase the type of account in terms of debit and credit; and
- Indicate which financial statement the accounting element goes on relative to the Balance Sheet or the Income Statement.
Lastly, save your file document and upload it to Blackboard.
OPTIONAL BONUS QUESTION: What is a transaction? How does it relate to a company making profits/money? (5-pt Bonus)
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