Learners read about the purposes of balance sheets and income statements and then place accounts into these two financial statement categories in a drag-and-drop exercise.
In this accounting learning object, students follow the steps involved in the closing process. Temporary accounts contain ending balances for a specified period and must be closed.
Learners listen to an explanation of balance sheet basics for farm operations. They then determine how purchases should be listed in a farm record book and complete sample income and expense sheets.
You have to identify the double-entry properties (debit effect and credit effect) of the main accounting elements; Assets, Capital (or equity), Liabilities, Incomes, and Expenses.
Learners read how low defect levels can cut production costs. Six Sigma success means reduced inspection expenses, less rework, and fewer customer complaints.