Explain the posting process (in your own words) in a step by step format using bullet points.

GAAP stands for Generally Aligned Accounting Partners.

CPA stands for Certified Private Accountant.

Explain why it is so important that the accounting equation remains in balance.

What is the best description for the journal entry below? Aug 15     Equipment 1000                        Cash       1000                     ????????????

The objective of most businesses is to earn a profit.

When using a T account, the left side of the account always represents the debit side while the right side always represents the credit side.

The annual accounting period for a business is called the fiscal year.

When journalizing a transaction, the debits and credits need to be equal.

Problem Solving Question 1. Atlas Inc. is a toy bicycle manufacturing company producing a five-inch small version of the bike that Lance Armstrong rode to win his first Tour de France. The assembly line at Atlas Inc. consists of seven work stations, each performing a single task. Stations and processing times are summarized here: Task 1 (30 sec): The plastic tube for the frame is cut to size. Task 2 (20 sec): The tube is put together. Task 3 (35 sec): The frame is glued together. Task 4 (25 sec): The frame is cleaned. Task 5 (30 sec): Paint is sprayed onto the frame. Task 6 (45 sec): Wheels are assembled. Task 7 (40 sec): All other parts are assembled to the frame.   Under the current process layout, workers are allocated to the stations as shown here: Worker 1: Tasks 1, 2 Worker 2: Tasks 3, 4 Worker 3: Task 5 Worker 4: Task 6 Worker 5: Task 7 Assume that the demand rate is 40 units/hour. Answer the following questions (please provide the steps):