McGraw Hill Connect Accounting Answers Chapter 3
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Students pursuing commerce have often complained of McGraw hill connect accounting answers chapter 3 being difficult to understand. The reasons for this are several. Lack of knowledge, inadequate time allotment, laziness in the completion of assignments, multi-tasking etc. makes students’ life a miserable one. The homework based on this chapter is equally tough and often look for experts help. The recent years have been blessed with online academic portals. We, at myhomeworkhelp.com help students in every regard of their studies.
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What does the McGraw hill connect accounting answers chapter 3 comprises of?
The chapter comprises of adjusting accounts and preparing financial statements. The students are made to learn on how to account for the cash transaction, inventory transaction, receivable transactions etc. The treatment of long-term assets varies from that of liabilities is made to study in detail. Importance of stockholders’ equity, how sales transactions benefit the financial statements and more is learnt under this lesson plan.
The underline aim of this chapter being the student will be able to prepare financial statements easily. However, the lesson is better understood with more examples to solve. With guidance and detail analysis of accrued incomes and expenditure, bills receivable and bills payable etc. the students get the broader scope to grasp the topic well.
Importance of McGraw hill connect accounting answers chapter 3
Following are the features that a student is expected to understand and have knowledge on. The chapter seeks for the following checkpoints comprising of-
- To make sure that students understand the all the debit entries are made to the left side of an account and credit entries to the right side of an account.
- There are two effects of every transaction.
- It helps students to analyze and record transactions
- Preparation of trial balance and preparation of financial statements
- Treatment of internal transactions and external transactions
- Treatment to sales invoices, banks statements, purchase orders, and other source documents.
- Maintenance of detailed records of increase or decrease in assets, liabilities, equities, revenues, expenses.
- The significance of the chapter is many. The homework based on this chapter is thus vast and tough too. There are many a time entries that students have not heard of. At such a moment, seeking help becomes necessary.
Students’ dilemma during completion of the topic
Students find this chapter difficult as there are some entries to learn and understand. It needs time, knowledge and skills to get proficient with this accounting chapter. An assignment on Balance of an account makes them dumbstruck. It is necessary for them to know that an account balance is a difference between the increase and the decrease amount in an account. However, due to the vastness of the lesson students often fumble at the problems. The emergence of online homework portals makes the process of learning more comfortable and more straightforward.
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