What are the four basic financial statements? What do the different financial statements tell you about a company? Which financial statement is the most useful? Why?

What types of information is provided to managers in your department and how do managers in your organization use information presented in financial statements? What is your experience with financial statements? If you don't have experience with the statements, what experience would you like to obtain?

What is the debt and credit?

Who are the different users of accounting information? What are the differences between managerial and financial accounting? What is the role of the CPA and how does it differ from other accountants? What is the value of the accounting function in your organization, both internally and externally?

What are the four different adjusting entries? What accounting assumptions necessitate the use of adjusting entries? What accounts are subject to adjusting journal entries? What are the advantages and disadvantages of using automated accounting systems to do adjusting entries? What are your thoughts on making adjusting entries; are they really needed or is this just extra work by accountants?

Which basis of accounting do most companies use, cash or accrual? Why? Which method is approved by GAAP? Why? What are the positives and negatives of each? Is it legal for an organization to keep two sets of accounting records; one for tax and one for book? Why or why not? What transactions might fall under a dual method?

When is the trial balance prepared? What is the purpose of preparing a trial balance? What does the trial balance tell you? What does the trial balance not tell you? Why not use the Trial Balance to report financial information internally and externally? What limitations does it have over formal financial statements?

What is a fiscal year?

What are the steps in completing the accounting cycle? Discuss the relationship between the amounts on the Adjusted Trial Balance for an account and its ledger? Discuss the relationship of the Adjusted Trial Balance and the amount on the Financial Statements?

What is the impact on the financial statements of missing a step when completing the accounting cycle? Is a mistake on the income statement more damaging than a mistake on the balance sheet? Why or why not? How do we insure that mistakes do not happen in the closing process?

In order of importance, list the statements. Why did you rank the statements in the order you did? (This is different than just choosing one to be most important like last week.) Why does GAAP require all statements? Why is it necessary to prepare the formal Financial Statements if all the data are on the Adjusted Trial Balance?

What are reversing entries? Why are reversing entries needed? What would be the impact if not made? What are the pros and cons of using reversing entries? What types of transactions may require reversing entries?

What are the differences between vertical and horizontal analysis? Which method would external users most likely use? How about internal users? Discuss the uses of the two analysis methods and how you would use each to analyze a company's performance?

Why is it important to report discontinued operations or extraordinary items separately from income from continuing operations? Does the average investor understand the difference? In what way(s) might the information be presented to clarify meaning for investors?

What three specific ratios (not types) would you list as the most important? Why? Beyond the basic financial statements what other information would you want in order to fully analyze a company's performance? Why?

What are the different types of financial ratios used to analyze financial performance? Are some ratios more important than others? Why? Which ratios are important to creditors? Investors? Managers? Why?

What is the difference between public accounting and private accounting? How does governmental accounting differ from both of them? What is forensic accounting? What are other career options are there in the accounting field? Which one sounds most interesting to you?

Of the several regulatory bodies, which has the most affect on companies? Why? Do both public and nonpublic or not-for-profit organizations comply with the regulations of all regulatory bodies? Why or why not? Are there gray areas? How do companies assure compliance with regulations? How does your company comply? Any thoughts on how to streamline the regulatory process over accounting and finance? Of the several regulatory bodies, which has the most affect on companies? Why?

What are some internal controls related to cash? Why is control over cash important? What are the pros and cons of segregation of duties over cash? Why is a bank reconciliation considered an internal control over cash? How does it provide control? What control violations might the bank reconciliation highlight?

What aspect of this class did you find the most helpful? What would you change if you were given the opportunity?