Question

QUESTION1 4poins Save Anwer Accounting is an information and measurement system that identifies records, and communicates relevant, reliable, and comparable information about an organization's business activities O True O Fase QUESTION 2 4 points Save Answer We use the accounting equation to identify what a company owns and owes. The accounting equation is: O Assets Liabilities + Equity O Assets Liabilities- Equity O Assets Liabilities+ Revenues Equity Liabilitis Revenues QUESTION 3 4 points Save Answer are beliefs that distinguish right from wrong. These beliefs are accepted standards of gauging good and dishonest behavior. O Accounting Standards O Ethics Generally Accepted Accounting Principles O FASB QUESTION 4 4 points Save Answer The ーis a collection of all accounts within a company's accounting system. O General Journal O Chart of Accounts O General Ledger O Balance Sheet QUESTION 5 4 points Save Answer We use the accounting equation to identify what a company owns and owes. creditors have against a company's assets, and is the owner's claim on a company's assets. are resources a company owns or controls,are claims QUESTION 6 4 points Save Answer In double entry accounting a credit to an asset account will represent an increase in the asset account balance; and a debit will represent a decrease in the asset account balance. O True O False

Answer 1

Ques 1:

true

accounting helps to record, classify and analyze business transactions.

Ques 2

Assets=Equities+ liabilities

the asset sides total the liabilities and equity side

Ques 3

Ethics

Honest and independent accounting behaviour is always preferred while presenting and preparing accounting information

Ques 4

General Ledger

all the transactions relating to assets , liabilities , revenues and expenses are recorded in ledgers

Ques 5

Assets are resources a company owns or controls

liabilities are claims creditors have against companys assets

Equity is the owners claims on companys asset

Ques 6

False

when an asset is increased it is debited and when it is decreased it is credited