Define accounting and its application to accounting principles.

Comment:
Complete a 3-part assessment that requires you to think critically to categorize business transactions, apply knowledge about the accounting equation, and identify accounting conventions for business scenarios. Competency: Define accounting and its application to accounting principles. Analyze how each business transaction affects the accounting equation. Competency: Apply accounting cycle strategies to manage business financial events. Apply calculations to determine the solution for accounting equation scenarios. Analyze accounting scenarios to determine the appropriate accounting convention using ethical decision making. Part 1: Basic Accounting Equation Effects Using Part 1 of the Assessment 1 Template, indicate whether each transaction increased (+), decreased (), or had no effect (NE) on assets, liabilities, and owner’s equity. Part 2: Missing Accounting Equation Data Using knowledge about the accounting equation, answer the questions in Part 2 of the Template. Be sure to show your calculations. Part 3: Accounting Conventions and Principles Using Part 3 of the Template, identify the applicable accounting convention for each of the following business scenarios. More than one convention may apply to each scenario. Explain your choices for each scenario. Before completing the scenarios consider and describe what role ethics has throughout the accounting process and reporting to internal and external customers. Throughout your assessments ensure that you apply ethics to your decision making and reporting.