Short Answer Questions

INSTRUCTIONS

1. Please answer the five short-answer questions related to accounting. To answer the fifth question, you will need to watch the two videos related to the Enron accounting scandal. The answer to short-answer questions 1-4 must be a minimum of 50 words each and a minimum of one source must be cited when answering each question. The answer to short-answer question five must be a minimum of two pages (not including the title page, abstract, or references), include a minimum of three sources, and use current APA standards. The question must precede each of your answers.Define assets, liabilities and owner’s equity. Explain their relationship.What information is presented on a company’s balance sheet?What financial statement would you expect to use to determine an organization’s profitability?What is depreciation, and how does it affect the income statement? Watch the following two videos – and then address the following (a to d) questions with a 2-page (minimum) response paper.https://www.youtube.com/watch?v=hwollZoVmUchttps://www.youtube.com/watch?v=SMT5v5zT5KQWhat were some of the accounting “tricks” played by Enron to make their financial statements appear stronger than they should have been?What internal controls could have been utilized to prevent the scandal?Discuss changes made by the Sarbanes Oxley Act that help prevent similar scandals in the future.What does the Bible have to say about honesty in financial dealings (apply a minimum of one Scripture reference)?