3. Complete the following statements: Accounting is not just a lot of: Accounting is not just...

Question

Question

3. Complete the following statements: Accounting is not just a lot of: Accounting is not just for: Accounting requires: Accou

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

3.

Accounting is just not a lot of .. numbers..........

Accounting is not just for ...calculation.....

Accounting requires ......analytical skills, formal education and an understanding of numbers

Accounting is the language of ......business.......

Who needs to understand accounting .....Every student, entrepreneur, managers need to understand accounting.........

The first function of financial accounting .........is to prepare final financial accounts of a company.........

The second function of financial accounting .......................it keeps track of company's financial transaction

4.

..Sole proprietorship.............. is business owned by one person

....Partnership ......................is business owned by two or people

.........Corporation............................is a business legally seperate from its owners

.....Statement of operations.... relate to primary operations of an entity.

...... Income statement................ relate to purchase and sale of resources

....... Balance sheet ............ relate to transactions with investor and creditor

....

Add a comment

Answer 2

Similar Homework Help Questions

3. Complete the following statements: Accounting is not just a lot of: Accounting is not just...

3. Complete the following statements: Accounting is not just a lot of: Accounting is not just for: Accounting requires: Accounting requires: Accounting is the language of: Who needs to understand accounting? The first function of finacial accounting is: The second function of financial accounting is:
Andrea has prepared the following list of statements about corporations. Identify each statement as true or false.

Exercise 13-01 Andrea has prepared the following list of statements about corporations. Identify each statement as true or false. 1. A corporation is an entity separate and distinct from its owners. 2. As a legal entity, a corporation has most of the rights and privileges of a person. 3. Most of the largest U.S. corporations are privately held corporations. Corporations may buy, own, and sell property; borrow money: enter Into legally binding contracts; and sue and be sued. 5. The net income of a corporation is not...
15) Accounting is an information and measurement system that does all of the following except: A)...

15) Accounting is an information and measurement system that does all of the following except: A) Identifies business activities. B) Records business activities. C) Communicates business activities. D) Eliminates the need for interpreting financial data. E) Helps people make better decisions. 16) External users of accounting information include all of the following except: A) Shareholders. B) Customers. C) Purchasing managers. D) Government regulators. E) Creditors. 17) A corporation is: A) A business legally separate from its owners. B) Controlled by...

Chapters 1-2 Choose the following terms or phrases to best complete the following statements. 1 Language...

Chapters 1-2 Choose the following terms or phrases to best complete the following statements. 1 Language of business 2. is also called accounting because all organizations set up an accounting information system to communicate data to help people make better decisions is the accounting function that involves observing business transactions and events. requires that we input, measure, and log transactions and events Choose the following terms or phrases to best complete the following statements. 1 2. 3. is also called...
1. Information provided by financial accounting is Select one: A. Only applicable to business entities, not...

1. Information provided by financial accounting is Select one: A. Only applicable to business entities, not individuals. B. Only applicable to corporations. C. Intended to help creditors and investors. D. Primarily designed to assist internal users in managing the business. Question 2 Which of the following statement is not a description of accounting? Select one: A. The purpose of accounting is to record financial transactions of a business entity. B. Accounting is the language of business. C. Accounting is used...
mfffkefm Answer the following questions 5 x 3= 15 1. Why accounting is called the language...

mfffkefm Answer the following questions 5 x 3= 15 1. Why accounting is called the language of Business? 2. Why is it necessary for accountants to assume that a business entity will remain a going concern and why should business concern follow matching concept. 3. Write three main differences between Book keeping and Accounting 4. Discuss the importance of financial statements to a company and its investors and creditors and why management may take steps to improve the appearance of...

Instructions on lov Identify each statement as true or false. If false, indicate how to correct...

Instructions on lov Identify each statement as true or false. If false, indicate how to correct the statement. ET EXERCISES Identify characteristics of a corporation. (LO 1) Y; enter into legally bind- E11-1 Andrea has prepared the following list of statements about corporations. 1. A corporation is an entity separate and distinct from its owners. 2. As a legal entity, a corporation has most of the rights and privileges of a person 3. Most of the largest U.S. corporations are...
1) The New York Stock Exchange requires all listed companies to: Multiple Choice a. Use IFRS...

1) The New York Stock Exchange requires all listed companies to: Multiple Choice a. Use IFRS (International Financial Reporting Standards) for financial statement reporting purposes. b. Maintain an internal audit function. c. Register with the PCAOB (Public Company Accounting Oversight Board). d. Send financial statements directly to investors, creditors, and other users of financial information. 2. Investors may be described as: Multiple Choice a. Individuals and enterprises that have ownership interest in a reporting entity. b. Individuals and enterprises that...
Review the transactional information and identify the accounting assumption, principle, and or constraint to which it...

Review the transactional information and identify the accounting assumption, principle, and or constraint to which it is related. Select an option below to match with each question: A) Time Period or Periodicity Assumption B) Economic Entity Assumption C) Fair Value D) Revenue and Expense Recognition Principle E) Revenue Recognition Principle F) Cost principle G) Full Disclosure Principle H) Separate or Economic entity Principle I) Expense Recognition Principle 1) The amount of goodwill recorded by a company that purchases another company...

Question Help EF1-18 (book/static) Consider the following accounting terms and definitions, and match each term to...

Question Help EF1-18 (book/static) Consider the following accounting terms and definitions, and match each term to the definition: (Click to view the accounting terms and definitions.) Tern Definition 1. Sole proprietorship 2. Faithful representation 3. Partnership 4. IFRS 5. Corporation 6. Audit 7. Cost principle 8. FASB 9. Creditors 10. SEC Choose from any drop-down list and then click Check Answer Х More Info a. Set of global accounting guidelines, formulated by the IASB b. Holds that fair market value...

3. Complete the following statements: Accounting is not just a lot of: Accounting is not just...

Homework Answers

Add Answer to:
3. Complete the following statements: Accounting is not just a lot of: Accounting is not just...

Post as a guest

Earn Coins