Reading review questions.
a. In your own words, explain the similarities and differences between accounting and bookkeeping.
b. What systems do accountants use to create and modify a chart of accounts?
c. What internal controls are common in the accounting cycle?
d. How is human judgment involved in the accounting cycle?
e. How has information technology been employed in the accounting cycle?
f. List and discuss the six common types of adjusting entries found in most accounting information systems.
g. Explain the purpose and structure of each general-purpose financial statement.
h. Respond to the questions for the chapter’s “AIS in the Business World.”
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