AY Honor Accounting
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< AY HonorsAY Honors/Accounting /
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Accounting
Skill Level
3
Year
1938
Version
21.11.2024
Approval authority
North American Division
Overview
The Challenging Part
The most challenging requirement of this honor is probably this:
10. Complete three of the following:
- a. Reconcile bank balance to book balance in checking accounts, including deposit in transit, service charge, returned NSF, interest on account, and checks in transit.
- b. Show transactions necessary for acquisition or deposit of assets, and acquisition and disposal of liability. Show transactions necessary to close income and expense accounts at year-end.
- c. Be able to write an income statement from a trial balance.
- d. Be able to correctly classify balance sheet items with short-term asset, long-term asset, contra asset, short-term liability, long-term liability, and equity.
