Lesson 19

Question 1

Explain the generally accepted accounting principles (GAAP)

Answer 1

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Question 2

Understanding journalizing, posting, and trial balancing

Answer 2

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Question 3

Describe the differences between a balance sheet and an operating statement

Answer 3

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Question 4

Explain what must be included in financial statements prepared for an AGM

Answer 4

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Question 5

Understand the principles of fund accounting

Answer 5

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Question 6

Describe the differences between the operating statement and the contingency reserve fund

Answer 6

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Question 7

Explain the use of a special levy and how it is collected

Answer 7

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