COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Question
Chapter 1, Problem 2DQ
To determine
Describe the reasons to separate the business records and the records of the owners of the business.
To determine
Explain the term that is used by accountant regarding separation of personal and business records.
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Why is it necessary for accountants to assume that business entity will remain a going concern?
What is the difference between accounting and business administration?
2.Why is it important for business records to be separate from the records of the business’s owner or owners? What is the term accountants use to describe this separation of personal and business records?
Chapter 1 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 1 - What are the names of three accounting job...Ch. 1 - Prob. 1.2SRQCh. 1 - What are financial statements?Ch. 1 - Prob. 1.4SRECh. 1 - Prob. 1.5SRECh. 1 - As the owner of a small business, you have decided...Ch. 1 - Prob. 2.1SRQCh. 1 - Prob. 2.2SRQCh. 1 - Prob. 2.3SRQCh. 1 - Prob. 2.4SRE
Ch. 1 - Prob. 2.5SRECh. 1 - Prob. 2.6SRECh. 1 - What is the purpose of accounting?Ch. 1 - What does the accounting process involve?Ch. 1 - Prob. 3CSRCh. 1 - Prob. 4CSRCh. 1 - Prob. 5CSRCh. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Prob. 4DQCh. 1 - What is tax planning?Ch. 1 - Prob. 6DQCh. 1 - What are the three major areas of accounting?Ch. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - Prob. 10DQCh. 1 - Prob. 11DQCh. 1 - Prob. 12DQCh. 1 - Which Type of Business Entity? Since graduating...Ch. 1 - Prob. 1MFCh. 1 - Prob. 2MFCh. 1 - Prob. 3MFCh. 1 - Prob. 4MFCh. 1 - Prob. 5MFCh. 1 - Prob. 6MFCh. 1 - Prob. 7MFCh. 1 - Prob. 8MFCh. 1 - Prob. 1EDCh. 1 - Prob. 1IC
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Similar questions
- What exactly is the difference between accounting and business administration?arrow_forwardA concept of accounting that indicates that the financial records of the business should be kept separate from the personal financial records of the business owner is the ________________________. Group of answer choices business entity concept cost concept proprietorship concept asset conceptarrow_forwardHow does the role of the accountant differ in different organizational contexts and what impact does this have on accounting theory?arrow_forward
- What is a responsible party? Why is it necessary for the accountant to identify one?arrow_forwardWhich of the following is not an external user of a business’s financial information? Taxing authorities Customers Employees Investorsarrow_forwardThe requires that a business' financial records are kept separately from the owner's financial records.arrow_forward
- Why should the responsibility for maintaining the accounting records be separated from the responsibility of operations? Be sure to explain: -Accounting records versus operations functions. -Does this differ in small vs large organizations? If so, how? And, how would a company still control for this difference.arrow_forwardAccording to the business entity concept, nonbusiness assets and liabilities are not included in the businesss accounting records.arrow_forwardWhy do accountants have to be ethical in their duties and responsibilities?arrow_forward
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