Discuss the difference between correcting and adjusting entries and

Discuss the difference between correcting and adjusting entries and when to use each.

Week 6, Chapter 18 Discussion (BUS2123 Principles of Accounting II)

1. Explain the purpose and nature of, and the role of ethics in, managerial accounting

2. Describe accounting concepts useful in classifying costs.

3. Explain how balance sheets and income statements for manufacturing and merchandising companies differ.