Homework Answers
| 1- | language of business | Accouning is also called language of business because it involves communication and sharing of information among the different users for deicison making |
| 2- | Identifying | This step of accounting involves identification of only those events which are of economic value and recommends for recording purpose |
| 3- | Recording | In the recording function, all transactions which are of monetary value are recorded. |
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Chapters 1-2 Choose the following terms or phrases to best complete the following statements. 1 Language...
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: 4. Complete the following statements: is a business owned by one person. is a business owned by two or more people. is a business legally separate from its owners. relate to the primary operations of...
For the following statements, determine which word or phrase from the list below will best complete...
For the following statements, determine which word or phrase from the list below will best complete it. Note: Some words or phrases could be used more than once, and some might not be used.must give information about the changes in economic resources and claims on the economic resources.should not be used when liquidation is likely. ensures that the benefits of providing more information are greater than the cost of providing it.when applied, financial statement users will find it useful to...
Question 4 12 pts Match the following phrases and terms. Some terms will not be used....
Question 4 12 pts Match the following phrases and terms. Some terms will not be used. No term will be used more than once. a method for keeping track of large amounts of homogenous units during the manufacturing process. [Choose ] a cost that does not increase proportionally with increases in volume over the relevant range, [Choose a cost that is difficult to efficiently trace to a product Choose ] follows ruled developed by the Internal Revenue Code [Choose) the...
1. Which of the following statements best indicates the difference between data and information: a. information...
1. Which of the following statements best indicates the difference between data and information: a. information and data are the same. b. information is less useful than data. c. information is always useful whereas data is only sometimes useful. d. information is data that has been processed and converted 2. system can be defined as: a. activities that are performed on inputs b. any device used to capture data including manual keying and scanning. c. any process that an accountant...
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1)...
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Objectives of financial reporting to external investors and creditors include preparing information about all of the following except: (A) Information used to determine which products to produce. B) Information about economic resources, claims to those resources, and changes in both resources and claims. C) Information that is useful in making investment and credit decisions. D) Information that is useful in assessing the amount, timing,...
mfffkefm Answer the following questions 5 x 3= 15 1. Why accounting is called the language...
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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...
A number of terms are provided. timely management accounting ethical guidelines cost-benefit technical control value chain...
A number of terms are provided. timely management accounting ethical guidelines cost-benefit technical control value chain reliable corporate social responsibility strategy Use the terms from the list to complete the following sentences: 1. Management of activities, businesses, or functional areas, which managers oversee and coordinate within the organization, requires _______ and ______ information. 2. The _______ considerations help managers make wise economic decisions by providing them with the desired information in an appropriate format and at the preferred frequency. 3....
27 Match each of the following statements with the terms below that provide the best definition....
27
Match each of the following statements with the terms below that provide the best definition. Clear All Each partner's basis in the partnership Qualified business income deduction Tax accounting calculation made by partner Outside basis Amount that may be received by partner for performance of services for the partnership. Guaranteed payment Theory under which a partnership's recourse debt is shared among the partners. Economic risk of loss
Managerial accounting is primarily focused on Select one: O A. following generally accepted accounting principles. B....
Managerial accounting is primarily focused onSelect one:A. following generally accepted accounting principles.B. providing internal special-purpose information and reports.C. providing information for internal and external users.D. providing general purpose financial statements.Which of the following phrases is most descriptive of financial accounting?Select one:A. Subject to cost-benefit analysisB. Future-orientedC. Follows GAAPD. May measure time or customer satisfactionWhich of the following phrases is primarily relevant to managerial accounting as opposed to financial accounting?Select one:A. Helping managers make decisionsB. Summarizing information about past eventsC. Calculating...
cate the answer choice that best completes the statement or answer the question - 1. Which...
cate the answer choice that best completes the statement or answer the question - 1. Which of the following best describes accounting? a. is of no use by individuals outside of the business B. is an information system that provides reports to users regarding economic activities and condition of a business c. is used only for filling out tax returns and for financial statements for various type of governmental reporting requirements d. records economic data but does not communicate the...
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: 4. Complete the following statements: is a business owned by one person. is a business owned by two or more people. is a business legally separate from its owners. relate to the primary operations of...
For the following statements, determine which word or phrase from the list below will best complete it. Note: Some words or phrases could be used more than once, and some might not be used.must give information about the changes in economic resources and claims on the economic resources.should not be used when liquidation is likely. ensures that the benefits of providing more information are greater than the cost of providing it.when applied, financial statement users will find it useful to...
Question 4 12 pts Match the following phrases and terms. Some terms will not be used. No term will be used more than once. a method for keeping track of large amounts of homogenous units during the manufacturing process. [Choose ] a cost that does not increase proportionally with increases in volume over the relevant range, [Choose a cost that is difficult to efficiently trace to a product Choose ] follows ruled developed by the Internal Revenue Code [Choose) the...
1. Which of the following statements best indicates the difference between data and information: a. information and data are the same. b. information is less useful than data. c. information is always useful whereas data is only sometimes useful. d. information is data that has been processed and converted 2. system can be defined as: a. activities that are performed on inputs b. any device used to capture data including manual keying and scanning. c. any process that an accountant...
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Objectives of financial reporting to external investors and creditors include preparing information about all of the following except: (A) Information used to determine which products to produce. B) Information about economic resources, claims to those resources, and changes in both resources and claims. C) Information that is useful in making investment and credit decisions. D) Information that is useful in assessing the amount, timing,...
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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...
27
Match each of the following statements with the terms below that provide the best definition. Clear All Each partner's basis in the partnership Qualified business income deduction Tax accounting calculation made by partner Outside basis Amount that may be received by partner for performance of services for the partnership. Guaranteed payment Theory under which a partnership's recourse debt is shared among the partners. Economic risk of loss
cate the answer choice that best completes the statement or answer the question - 1. Which of the following best describes accounting? a. is of no use by individuals outside of the business B. is an information system that provides reports to users regarding economic activities and condition of a business c. is used only for filling out tax returns and for financial statements for various type of governmental reporting requirements d. records economic data but does not communicate the...
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