Reference no: EM132324572

Question: Just make sure you answer each discussion board questions with 90 to 150 amount of word minimum per Question

1. If total debits equal total credits in a trial balance, is it free of errors? Explain.

2. Imagine that you opened a restaurant in your hometown and you decided to take the knowledge and skills you learned in this class and be your own accountant. Discuss whether you would prefer to keep your accounting records on the cash basis or the accrual basis. As part of the discussion, explain how and why you selected one basis over the other.

3. Think about the different types of financial statements you learned about in this unit (the income statement, statement of retained earnings, balance sheets, and statements of cash flow). If you were an investor, would you place more emphasis on any one particular financial statement? Why, or why not?

4. Assume you own a restaurant. What inventory costing method would you prefer, and why? Also, include a discussion as to whether the costing method you would use for your accounting records would follow the actual flow of your inventory.

5. Do you think the same person who receives cash payments should also prepare the bank reconciliation? Give at least one reason to support your answer.