1. Name the transactions or events which can be considered "IDENTIFYING" based on the definition of Accounting? 2. Name the transactions or events which can be considered "RECORDING" based on the definition of Accounting? 3. Name the "COMMUNICATING" based on the definition of Accounting? transactions or events which can be considered
Q: hat are the accounting information needed by: a. Internal users b. External users
A: Accounting Information:- This is that information that is required by both external and internal…
Q: What means accounting information?
A: Accounting information - the information which is generated from the accounting process is known…
Q: Which of the following statements are true? An accounting Conceptual Framework: (i) Sets out who the…
A: A conceptual framework can be defined as a system of ideas and objectives that lead to the creation…
Q: plain what’s manage define accounting and describe nature and objective of accounting.
A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…
Q: Accounting plays an important role by providing answers to questions faced by the users of…
A: Accounting is the process of recording of transactions, summarising it and posting it to obtain…
Q: accounting process
A: Correct answer :- C :- Decision making
Q: information would include ........ .
A: External users are people outsidebusiness entity who use accounting information.external users are…
Q: What do the decisions based on accounting information include?
A: Accounting information is the collection and processing of the business transaction to conclude the…
Q: what is real account ?
A: There are three types of accounts that are used in accounting: 1. Personal 2. Real 3. Nominal Real…
Q: Explain what it means to manage, define accounting, and discuss the nature and purpose of…
A: Introduction: Accounting is concerned mainly with recognizing, documenting, measuring, and…
Q: 1. Accounting being regarded as the performance of specific actions such as identifying, measuring,…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Accounting deals with
A: First option is wrong because accounting includes measurement of transactions into monetary value…
Q: What is accounting? Explain and discuss the accounting standards and assumptions.
A: Accounting is the process of identifying, recording, summarizing, analyzing, interpretation and…
Q: Define accounting and discuss the many applications of accounting information.
A: Accounting: Accounting is a system or process that collects and organizes economic transactions,…
Q: In yesteryear's accounting world, what role does an Accounting Information System
A: Accounting information system (AIS) is a collective mechanism wherein information or data related to…
Q: What is the main fundamental operation in Accounting? Explain the process
A: Accounting: Accounting is the practice of keeping track of a company's financial activities.…
Q: An accounting policy is
A: Accounting policy are not judgement applied to record a transaction. Accounting estimates are…
Q: Why are traditional accounting events,
A: Answer:
Q: of accounting information
A: Accounting Cycle-:The Accounting Cycle is a time duration that is made to make financial accounting…
Q: What is Accounting? Bookkeeping vs. Accounting Purpose of Accounting Generally Accepted Accounting…
A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…
Q: Accounting is sometimes described as the language of busi-ness. What is meant by this description?
A: Accounting: It refers to a process of recording and summarizing the financial transactions and…
Q: In accounting, what are the many forms of accounting information?
A: Introduction: Accounting is the art of documenting, categorizing, summarizing, and evaluating the…
Q: Who are the èxternal user's of accounting information
A: The accounting information is used by the external user and internal user. The External users are…
Q: In history's accounting practise, what function does an Accounting Information System play?
A: Accounting information system (AIS) is a collective mechanism wherein information or data related to…
Q: What are the Elements of the accounting equation? Describe about it.
A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…
Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…
A:
Q: What is the most important basic accounting operation? Explain the procedure.
A: Introduction : Accounting is the discipline of recording a business's financial transactions. The…
Q: 2. Who are users of accounting information, what are its types? Explain with examples.
A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS “Since you have asked multiple questions, we will…
Q: What is Basis of accounting
A: The system by which revenues and expenses are recognized in a company's financial statements is…
Q: Each external transaction will have a dual effect on the accounting equation. Explain what this…
A:
Q: What is accounting? Explain and debate the accounting rules and assumptions.
A: Introduction : Accounting is the process of recognizing, documenting, summarizing, analyzing,…
Q: The financial statements are based on the most basic tool of accounting. True or false? Explain how?
A: Financial statements: Financial statements are condensed summary of transactions communicated in the…
Q: Which of the following is NOT related to accounting? O a. Management accounting O b. Financial…
A: Accounting:- Accounting includes recording of business transactions. Under accounting, the…
Q: What is meant by accounting
A: Accounting refers to an art of recording transaction in the books of a company and using these…
Q: Define accounting and describe the different uses of accounting information
A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…
Q: a) What is the purpose of accounting? b) List two possible users of accounting information? c)…
A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing , and…
Q: Required: Enter the impact of each transaction on individual items of the accounting equation. minus…
A: Important Accounting Equation Assets = Liabilities + Equity This Equation helps in the Preparation…
Q: Explain the following: 1. Development of accounting rules. 2. How Generally Accepted Accounting…
A: Here discuss about the details of development in the Accounting rules which are incurred in the late…
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- John Snow has recently retired, and he received a large lump sum settlement from his employer. He would like to invest this money to achieve a stable long term income. He is considering investing in the following two companies: Allied Grocers (AG) are a 3-year-old online grocery retailer that specializes in delivering a wide selection of quality food products through an online platform. Beta Solutions (BS) is an established 10-year-old electronics company that is known for selling the most innovative electronic products and software solutions. Selected financial data for 2019 AG BS Average total assets 1,500,000 4,000,000 Average # of common shares outstanding (no preferred shares) 10,000 10,000 Dividends paid 10,000 50,000 Current Market price per share $95 $165 Net sales 1,300,000 6,300,000 Cost of goods sold 900,000 4,200,000 Gross profit 400,000 2,100,000 Operating Expenses: Administrative…unu aUcuracy of the financial statements? output of What's New Mr. Juan is a retired government employee who is good at baking. One day he decides to put up a bakery shop in your barangay. He renovates a portion of his house to serve as the area for the production of bread. He purchases baking equipment and raw materials to produce five different types of bread. Mr. Juan also hires Jose to help him with the baking and, at the same time, to be in- charge of sales. Mr. Juan pays Jose on a weekly basis. Every day, Mr. Juan's wife deposits the daily cash sales in their bank account at XY Savings Bank. With the help of accounting, what possible decisions or questions of Mr. Juan can accounting provide an answer to? Guide questions on the scenario given: • Is my business earning? (Profitability) » How much daily or monthly sales do I need in order to recover my fixed cost? (Break-even) • Do i need to hire additional workers to help me with my production? • Can I afford to set up a new store…Mr. Juan is a retired government employee who is good at baking. One day he decides to put up a bakery shop in your barangay. He renovates a portion of his house to serve as the area for the production of bread. He purchases baking equipment and raw materials to produce five different types of bread. Mr. Juan also hires Jose to help him with the baking and, at the same time, to be in-charge of sales. Mr. Juan pays Jose on a weekly basis. Every day, Mr. Juan's wife deposits the daily cash sales in their bank account at XY Savings Bank. With the help of accounting, what possible decisions or questions of Mr. Juan can accounting provide an answer to?
- Review the following scenario: Scenario: Hart Nance and Jason Symington operate gift boutiques in shopping malls. The partners split profits and losses equally, and each takes an annual drawing of $80,000. To even out the workload, Nance travels around the country inspecting their properties. Symington manages the business and serves as the accountant. From time to time, they use small amounts of store merchandise for personal use. In preparing for his daughter's wedding, Symington took inventory that cost $10,000. He recorded the transactions as follows: Debit Credit Cost of Goods Sold $10,000 Inventory $10,000 Respond to the following questions and, if appropriate, include personal experience as part of your answers. How do you feel Symington should have recorded these transactions? Why? What are the ethical implications of Symington's actions?Mr. Juan is a retired government employee who is good at baking. One day he decides to put up a bakery shop in your barangay. He renovated a portion of his house to serve as the area of the production of bread. He purchase baking equipment and raw materials to produce five different types of bread. Mr. Juan also hires Jose to help him with the baking and at the same time, to be in-charge of sales. Mr. Juan pays Jose on weekly basis. Every day, Mr. Juans wife deposits the daily cash sales in their bank account at XY Savings Bank. Question: With the help of accounting, what possible decisions or questions of Mr. Juan can accounting provide an answer to?Elizabeth is a young woman living in Barbados. She approaches a bank for a loan to purchase a used car that she found online from Japan Motors. The car costs US$5000 and US$2500 for shipping. Once the car arrives the duty required is 100% of the total including shipping. Elizabeth will require a total loan of US$15,000 to pay for the car, shipping and duties. The bank approves the loan and releases the funds to Elizabeth. Elizabeth is a budding entrepreneur and devises a plan to earn some extra money. Rather than wire the US$7500 to Japan Motors and retain the remaining US$7500 to pay the duty, Elizabeth decides to wire the entire amount of US$15,000 to Japan Motors to pay for two cars. Elizabeth plans on selling the second car at a markup and using the profits towards her own car purchase. Eventually, the shipment arrives at the port with both of the cars Elizabeth purchased. However, Elizabeth has a problem because no one has purchased the second car from her yet. This is because…
- Alesya came to Malaysia from Australia six years ago to study at university for a degree in Computer science.. After graduating he worked as an information technology manager for a computer company and saved his wages to build up the capital needed to invest in his own business. Zumo's friend, Charles Wu had recently put his computing consultancy business up for sale, which was set up ten years ago, and seemed quite successful. The premises were located on a busy street in the town center of Kuching, and operated a 'collect and return' service, enabling computers to be serviced without the customer having to leave their home. Upon purchase of the business from Charles, Zumo acquired several fixed assets for use in the business. These included a personal computer, a laptop computer and various machines facilitating welding and electronic engineering to be carried out on computer circuit boards, rebuilding computers and other assembly activities. The main fixed assets included: • 1…Heather and Dan Holt met while both were employed in the interior trim and upholstery department of an auto manufacturer. After their marriage, they decided to earnsomeextra income by doing small jobs involving canvas, vinyl, and upholstered products. Their work was considered excellent, and at the urging of their customers, they decided to go into business for themselves, operating out of the basement of the house they owned. To do this, they invested $120,000 cash in their business. They spent $10,500 for a sewing machine (expected life 10 years) and $12,000 for other miscelianeous tools and equipment (expected life 5 years). They undertook only custom work, with the customers purchasing the required materials, to avoid stocking any inventory other than supplies. Generally, they required an advance deposit on all jobs. The business seemed successful from the start, as the Holts received orders from many customers. But they felt something was wrong. They worked hard and charged…before purchasing a used car, cody lind checked https://www.kbb.com to learn what he should offer for the used car he wanted to buy. then he conducted a carfax.com search on the car he found to see if the car had ever been in an accident. the carfax was clean so he purchased the used car for $14,750. he put $2,000 down and financed the rest with a 48-month, 7.5% loan. what is his monthly car payment by table lookup? (use table 14.2) (do not round intermediate calculations. round your answer to the nearest cent.) Monthly payment: ?
- Vera decides to set up a business selling flowers. She gets up early in the morning, visits the market, and then sets up a stall by the side of the road. For the first year, all goes well. She sells all the flowers she is able to buy and she derives some income from the business However, Vera feels that she could sell more flowers if she was able to transport more to the place where she sells them, and she also knows that there are several other roads nearby where she could sell flowers, if she could be in two places at once. She could achieve these two things by buying a van and by employing other people to sell flowers in other locations. Vera needs more money to achieve this expansion of her business. She decides to ask her rich friend Peter to invest in the business. Peter can see the potential of Vera's business and wants to invest, but he doesn't want to be involved in the management of the business. He also does not want to have ultimate liability for the debts…While studying, Miriam worked as student-assistant in their department. She graduated with honor and directly hired by the school. Two years after she lent to Juana and developed their rice farm in the province. The capital she used for improving the rice production is ______. a. private b. social c. debt d. equity e. all of the aboveVera owns a small shop selling stationeries in Ma On Shan. She wants to retire. She placed a notice in front of her shop which reads: “Shop for sale, HK$3,000,000 for the shop premise and HK$25,000 for all the stationeries in the shop. Can be purchased separately." Iris saw the notice in front of the shop. She has a stationeries shop in Shatin and wanted to buy all the stationeries in Vera's shop. She approached Vera and gave her two cheques of HK$3 million and HKS25,000 informing her that she intended to buy the shop and all stationeries. They agreed to sign two separate contracts for the two sale transactions. Explain to Iris whether the two contracts are governed by the Sale of Goods Ordinance.