Define accounting and its objectives:
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Define accounting and its objectives:
Homework Answers
Accounting :-
Accounting is an Art, of Recording transactions, classifying them
into appropriate ledger,Summarizing them into Trial Balance and
Analysing them to conclude the financial position of the
enterprises.
●Objectives of Accounting ...
◆Systematic records of Financial transactions
◆Valuation of Financial position of the enterprise
◆Provide information to the user like Govt, Investors and Management
◆Keeping accounts of cash
◆Control over Assets and Liabilities
◆Controlling money defalcation and cost
◆Providing economic data
◆Helping tax fixation
◆Determination and evaluation of policy
◆Testing the arithmetical accuracy of accounts
◆Acceptability to others
Give short answers for the following questions: (15) i. Define ‘Accounting’. ii. Explain the primary objectives...
Give short answers for the following questions: (15) i. Define ‘Accounting’. ii. Explain the primary objectives of accounting. iii. Discuss the limitations of accounting. iv. What types of activities are included in data evaluation? v. Outline the main functions of accounting considering the following groups; Lenders Employees Customers Please suggest information that each one is likely to need from accounting statements and reports.
Application Activities: Define fiscal policy and its key objectives. What government agencies are responsible for making...
Application Activities: Define fiscal policy and its key objectives. What government agencies are responsible for making decisions on fiscal policy actions and implementations? Critically and briefly describe the following fiscal policy tools and their relative effectiveness in controlling business cycle fluctuations such as state of recession and/or state of inflation. How do they operate during recession and inflation? Draw AD-AS diagram of macroeconomics model to illustrate your explanation in words Government Spending Tax Policy Define monetary policy and its key...
a) Outline the objectives of management accounting
a) Outline the objectives of management accounting
Chapter 1 Objectives 1. Define customer service and list its goals and challenges. 2. Defend the...
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how would you define the managerial approach known as management by objectives or MBO? What is...
how would you define the managerial approach known as management by objectives or MBO? What is its appeal to businesses?
2. How does the International Accounting Standard Board (IASB) achieve its objectives? Discuss the qualitative characteristics...
2. How does the International Accounting Standard Board (IASB) achieve its objectives? Discuss the qualitative characteristics identified by the IASB for preparation of financial statements.
(Objectives of this case study) To understand the application of accounting principles in recording of financial...
(Objectives of this case study) To understand the application of accounting principles in recording of financial transactions To analyze the treatment of adjustment entries in the preparation of final accounts Case 1. The image given below shows one of the basic principles of accounting. Identify the concept related and answer the following questions in your own words. Debit Credit Answer the following Questions (I mark each) a. Identify the accounting concept represented by this image b. How would you define...
The Forensic Accounting investigators' Objectives include.
The Forensic Accounting investigators' Objectives include.Bringing independence and objectivity to the investigationRecognizing the objectives of each of the interested parties to the investigationKeeping in mind that they are primarily fact finders and not typically engaged to reach or provide conclusions - or, more fort All of the above
Why is the Conceptual Framework of Accounting needed? Define one of the elements, assumptions, principles, or...
Why is the Conceptual Framework of Accounting needed? Define one of the elements, assumptions, principles, or constraints of the Conceptual Framework, and explain why it is fundamental for meeting the objectives of financial reporting. Participate in follow-up discussion by asking questions, answering questions posed by your classmates, or providing examples of how the components of the Conceptual Framework are applied in practice
Strategic Management - Define and explain the difference between Mission, Goals, Objectives and the ways in...
Strategic Management - Define and explain the difference between Mission, Goals, Objectives and the ways in which each fits into and forms a part of the Strategic Equation.
Chapter 1 Objectives 1. Define customer service and list its goals and challenges. 2. Defend the organizational benefits of serving both the external and internal customer well. 3. List customer needs. 4. Describe the concept of social customers relative to their purchasing habits and impact on organizations.
(Objectives of this case study) To understand the application of accounting principles in recording of financial transactions To analyze the treatment of adjustment entries in the preparation of final accounts Case 1. The image given below shows one of the basic principles of accounting. Identify the concept related and answer the following questions in your own words. Debit Credit Answer the following Questions (I mark each) a. Identify the accounting concept represented by this image b. How would you define...
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