Major Groups of Accounts [WLOs: 1, 2, 3, 4] [CLO: 1]. 1st Post Due by Day 3. Prior to beginning work on this discussion, read Chapters 1 and 2 in the textbook. In addition, the MyLab materials listed in the Recommended Resources section this week may provide more in-depth information for this discussion (optional).
Write: Make sure your response addressing the following questions is more than 200 words and that you include an in-text citation or a brief quote from the reading material where appropriate. Use the Ashford Writing Center resource Citing Within Your Paper for guidelines on properly citing sources.
- What accounts are included in each of the six major groups of accounts?
- State the normal balance of each of the six major groups.
- What effect does a debit and a credit have on each major group?
- How might an imbalance in debits and credits impact a business?
Guided Response: Respond to at least two of your classmates by commenting on their posts. Though two replies are the basic expectation for class discussions, for deeper engagement and learning you are encouraged to provide responses to any comments or questions others have given to you. Continuing to engage with peers and the instructor will further the conversation and provide you with opportunities to demonstrate your content expertise, critical thinking, and real-world experiences with the discussion topics.
Attendance Notification: To meet attendance requirements in this class, you must post to the discussion board at least once every 7 days. Completing work in MyAccountingLab does not count as attendance.