What is double-entry accounting and why was it such a game changer?

What is double-entry accounting and why was it such a game changer?

 

You are the sole accountant at your company.  Sales in 2016 have been mediocre but prospects for 2017 look promising. At year end, the president of the company comes to you and says he needs to boost profits and wants you to accrue revenues into 2016 and defer expenses into 2017. Ethically, can you accrue revenues and defer expenses?

 

 

Identify steps in the accounting cycle

 

Evaluate transactions and its financial statements impact

 

Apply accrual accounting concepts.

 

 

Examine financial information for decision making

 

Please Make sure to answer all with at least 75 words each

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