Week 10 Reading Reflection

All the different terms, especially those in the Financial Glossary, really stood

out to me like an alligator at a crocodile convention. There are so many! That

was so surprising how many terms there actually exists.


I am confused by the difference between income statement and balance

sheet. Really, I would like to know which items go on which and not the

other, and why.


I would like to ask the author, “Which statement comes first, Balance Sheet or

Income Statement,” so I can better my knowledge of these accounting

principles. Also, I would like to ask the author, “Why do some accounts have a

normal debit balance while others have a normal credit balance?” I feel like

everything should be equalized and whatnot, so an explanation would be

useful.


I don’t really disagree with anything here. I can’t, actually, because this whole

passage is fact based and there is nothing for me to disagree with.