Introduction to accounting cycle

Respond to the followin" rel="nofollow">ing questions usin" rel="nofollow">ing grammatically correct language and appropriate APA citations. To achieve a proficient grade in" rel="nofollow">in this assignment, answer the proficient-level queries for each question. To achieve a distin" rel="nofollow">inguished grade, answer both sets of queries for each question. Question 1: Proficient: Describe the steps in" rel="nofollow">in recordin" rel="nofollow">ing and postin" rel="nofollow">ing the effects of a busin" rel="nofollow">iness transaction and provide some examples of source documents used in" rel="nofollow">in these steps. Defin" rel="nofollow">ine debit and credit and name the types of accounts that are (three correct responses): Increased by a debit. Decreased by a debit. Increased by a credit. Decreased by a credit. Distin" rel="nofollow">inguished: Correctly identify all of the types of accounts on the list. Question 2: Proficient: Which steps in" rel="nofollow">in the accountin" rel="nofollow">ing cycle are performed throughout the accountin" rel="nofollow">ing cycle? Which of the steps in" rel="nofollow">in the accountin" rel="nofollow">ing cycle are performed only at the end of the accountin" rel="nofollow">ing period? Distin" rel="nofollow">inguished: Many of the steps in" rel="nofollow">in the accountin" rel="nofollow">ing cycle can be performed on a computer with an accountin" rel="nofollow">ing software package. Research three of the most commonly used packages and decide which one you would choose if you were startin" rel="nofollow">ing a small busin" rel="nofollow">iness this year. Question 3: Proficient: Why are separate "expense" and "revenue" accounts used when all revenues and expenses could be shown directly in" rel="nofollow">in the retain" rel="nofollow">ined earnin" rel="nofollow">ings account? Describe three examples of transactions that would affect a firm's in" rel="nofollow">income statement. For each transaction, identify if the transaction has a positive or negative effect on the firm's net in" rel="nofollow">income. Distin" rel="nofollow">inguished: What is the purpose of the "dividends" account and under what circumstances would this account be in" rel="nofollow">increased? Under what circumstances would the "dividends" account be decreased? Question 4: Proficient: Are the followin" rel="nofollow">ing possibilities conceivable in" rel="nofollow">in an entry in" rel="nofollow">involvin" rel="nofollow">ing only one debit and one credit? Please explain" rel="nofollow">in your response for each item. Provide five or six correct responses: Increase a liability and in" rel="nofollow">increase an expense. Increase an asset and decrease a liability. Increase revenue and decrease an expense. Decrease an asset and in" rel="nofollow">increase another asset. Decrease an asset and in" rel="nofollow">increase a liability. Decrease revenue and decrease an asset. Decrease a liability and in" rel="nofollow">increase revenue. Distin" rel="nofollow">inguished: Correctly identify all of the items. Question 5: Proficient: Defin" rel="nofollow">ine the "normal" balance for an account. What are the rules of debit and credit for accounts appearin" rel="nofollow">ing on a firm's balance sheet? Distin" rel="nofollow">inguished: What are the rules associated with accounts appearin" rel="nofollow">ing on a firm's in" rel="nofollow">income statement?