Accounting is an information system that identifies, records, and communicates the economic events of an organization...
Accounting is an information system that identifies, records, and communicates the economic events of an organization to interested users. Accounting systems focus on business transactions – economic events that have an impact on one or more component of the accounting formula. Many other events take place that can significantly impact a business, even if they do not directly impact the accounting formula. Is accounting’s focus on economic transactions a strength or a weakness?
Homework Answers
Accounting records records only transaction that have effect on accounting formulae that is ( assets =capital + outside liabilities)
The factors which may be relevant in assessing the worth of the
enterprise don’t find place
in the accounts as they cannot be measured in terms of money. The
Balance sheet cannot
reflect the value of certain factors like loyalty and skill of the
personnel which may be the
most valuable asset of an enterprise these days
So the accounting cannot measure the above said things and mainly focus on economic events effecting accounting formulae is a weakness
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Accounting is an information system that identifies, records, and communicates the economic events of an organization...
Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable...
Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities Select the aspect of accounting associated with this activity Aspects of Accounting Activities 1. Analyzing and interpreting reports 2. Presenting financial information 3. Keeping a log of service costs 4. Measuring the costs of a product 5. Preparing financial statements 6. Seeing revenues generated from a service. 7. Observing employee tasks behind a product 8. Registering cash sales...
Classify the three active accounting E1.1 (LO 1) Genesis Company performs the following accounting tasks during...
Classify the three active accounting E1.1 (LO 1) Genesis Company performs the following accounting tasks during the year. Analyzing and interpreting information. Classifying economic events. Explaining uses, meaning, and limitations of data. Keeping a systematic chronological diary of events. Measuring events in dollars and cents. Preparing accounting reports. Reporting information in a standard format. _Selecting economic activities relevant to the company. Summarizing economic events. Accounting is "an information system that identifies, records, and communicates the economic events of an organization...
15. Consider the multiple-step income statement: The multiple-step income statement shows the following line items EXCEPT:...
15. Consider the multiple-step income statement: The multiple-step income statement shows the following line items EXCEPT: A) net income. B) net sales. C) cost of goods sold. D) gross profit/ gross margin. E) All of the above are shown on a multiple-step income statement. 16. Which of the following is the most appropriate and modern definition of accounting/accounting information system? A) Electronic collection, organization, and communication of vast amounts of information B) The interconnected network of subsystems necessary to operate...
answer each question with an explnation of each answer please 4. Multiple Choice Question 61 Which...
answer each question with an explnation of each answer
please
4. Multiple Choice Question 61 Which of the following is the most appropriate and modern definition of accounting? a. b. The information system that identifies, records, and communicates the economic events of an organization to interested users. The interconnected network of subsystems necessary to operate a business, Electronic collection, organization, and communication of vast amounts of information A means of collecting information. C. d. Answer: 1 5. Multiple Choice Question...
QUESTION 15 Match the following terms with the appropriate definition. a. Financial accounting b. Ethics C....
QUESTION 15 Match the following terms with the appropriate definition. a. Financial accounting b. Ethics C. Recordkeeping d. Internal users e. Accounting f. Certifled Public Accountant (CPA) g. Fraud triangle h. Managerial accounting I. External users 1. An information and measurement system that identifies, records and communicates relevant reliable and comparable Information about an organization's business activities. 2. The part of accounting that involves recording transactions and events, either electronically or manually. 3. Persons using accounting information who are 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...
Accounting software systems collect vast amounts of data about the economic events experienced by a company...
Accounting software systems collect vast amounts of data about the economic events experienced by a company and about the parties with whom the company engages, such as suppliers and customers. Business decision-makers take advantage of this wealth of information by using data analytics, which often employs both software and statistics, to draw inferences and make more informed business decisions. As both data access and analytical software improve, the use of data analytics to support decisions is becoming increasingly common at...
plz write correct alphabet next to each answer Match each of the numbered descriptions shown below...
plz write correct alphabet next to each answer
Match each of the numbered descriptions shown below with the lettered term it best describes, indicate your answer by entering the letter in the blank space next to each description. There is only one correct answer for each description. (A) Revenue Recognition Principle (B) Partnership (C) Generally accepted accounting principles (D) Cash Flow Statement (E) Matching Concept (F) Notes Payable (H) Expenses (0) Accounting Standards for Private Enterprises (J) Elements of the...
How can we assess whether a project is a success or a failure? This case presents...
How can we assess whether a project is a success or a
failure?
This case presents two phases of a large business transformation project involving the implementation of an ERP system with the aim of creating an integrated company. The case illustrates some of the challenges associated with integration. It also presents the obstacles facing companies that undertake projects involving large information technology projects. Bombardier and Its Environment Joseph-Armand Bombardier was 15 years old when he built his first snowmobile...
please help me! Financial Accounting Instructor: Turck Review of the Accounting Cycles The December 31, 2017,...
please help me!
Financial Accounting Instructor: Turck Review of the Accounting Cycles The December 31, 2017, balance sheet for Karl's Caddy-Shack is as follows: Karl's Caddy Shack Balance Sheet As of December 31, 2017 LIABILITIES & STOCKHOLDER EQUITY Accounts Payable $3,300 Salaries Payable. Interest Payable on Note. Notes Payable Total Liabilities ASSETS: Cash. Accounts Receivable, Gross... ... $12,000 Less: Allowance for Doubtful Accts. (2.400) Accounts Receivable, Net Realizable Value.. Interest Receivable on Loan Supplies . Merchandise Inventory, carried at LIFO...
Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities Select the aspect of accounting associated with this activity Aspects of Accounting Activities 1. Analyzing and interpreting reports 2. Presenting financial information 3. Keeping a log of service costs 4. Measuring the costs of a product 5. Preparing financial statements 6. Seeing revenues generated from a service. 7. Observing employee tasks behind a product 8. Registering cash sales...
Classify the three active accounting E1.1 (LO 1) Genesis Company performs the following accounting tasks during the year. Analyzing and interpreting information. Classifying economic events. Explaining uses, meaning, and limitations of data. Keeping a systematic chronological diary of events. Measuring events in dollars and cents. Preparing accounting reports. Reporting information in a standard format. _Selecting economic activities relevant to the company. Summarizing economic events. Accounting is "an information system that identifies, records, and communicates the economic events of an organization...
15. Consider the multiple-step income statement: The multiple-step income statement shows the following line items EXCEPT: A) net income. B) net sales. C) cost of goods sold. D) gross profit/ gross margin. E) All of the above are shown on a multiple-step income statement. 16. Which of the following is the most appropriate and modern definition of accounting/accounting information system? A) Electronic collection, organization, and communication of vast amounts of information B) The interconnected network of subsystems necessary to operate...
answer each question with an explnation of each answer
please
4. Multiple Choice Question 61 Which of the following is the most appropriate and modern definition of accounting? a. b. The information system that identifies, records, and communicates the economic events of an organization to interested users. The interconnected network of subsystems necessary to operate a business, Electronic collection, organization, and communication of vast amounts of information A means of collecting information. C. d. Answer: 1 5. Multiple Choice Question...
QUESTION 15 Match the following terms with the appropriate definition. a. Financial accounting b. Ethics C. Recordkeeping d. Internal users e. Accounting f. Certifled Public Accountant (CPA) g. Fraud triangle h. Managerial accounting I. External users 1. An information and measurement system that identifies, records and communicates relevant reliable and comparable Information about an organization's business activities. 2. The part of accounting that involves recording transactions and events, either electronically or manually. 3. Persons using accounting information who are not...
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...
plz write correct alphabet next to each answer
Match each of the numbered descriptions shown below with the lettered term it best describes, indicate your answer by entering the letter in the blank space next to each description. There is only one correct answer for each description. (A) Revenue Recognition Principle (B) Partnership (C) Generally accepted accounting principles (D) Cash Flow Statement (E) Matching Concept (F) Notes Payable (H) Expenses (0) Accounting Standards for Private Enterprises (J) Elements of the...
How can we assess whether a project is a success or a
failure?
This case presents two phases of a large business transformation project involving the implementation of an ERP system with the aim of creating an integrated company. The case illustrates some of the challenges associated with integration. It also presents the obstacles facing companies that undertake projects involving large information technology projects. Bombardier and Its Environment Joseph-Armand Bombardier was 15 years old when he built his first snowmobile...
please help me!
Financial Accounting Instructor: Turck Review of the Accounting Cycles The December 31, 2017, balance sheet for Karl's Caddy-Shack is as follows: Karl's Caddy Shack Balance Sheet As of December 31, 2017 LIABILITIES & STOCKHOLDER EQUITY Accounts Payable $3,300 Salaries Payable. Interest Payable on Note. Notes Payable Total Liabilities ASSETS: Cash. Accounts Receivable, Gross... ... $12,000 Less: Allowance for Doubtful Accts. (2.400) Accounts Receivable, Net Realizable Value.. Interest Receivable on Loan Supplies . Merchandise Inventory, carried at LIFO...
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