Differentiate the following terms. a. Bookkeeping and financial accounting.

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: The principles and objectives that guide the creation of accounting information under accrual…

A: The matching principle, which is related to accrual accounting, asserts that an expense must be…

Q: For each of the following users of financial ače accounting information, specify whether the user…

A: Important thing to Note the parties which are outside to the organization will not have access to…

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 and bookkeeping are two different types of financial reporting

A: Accounting and bookkeeping are two separate forms of financial reporting, as explained in this…

Q: Analyze the effects of transactions on the accounting equation

A: Accounting equation:   Accounting equation is an accounting tool expressed in the form of equation,…

Q: users of accounting information

A: The financial information is presented in the financial statement of the company that reflect the…

Q: Question 4 Explain the measurement of accounts receivable. (Write a complete answer)

A: Financial Accounting: Financial accounting is the efficient strategy of recording, ordering, summing…

Q: Distinguish between financial accounting and management accounting.

A: Managerial accounting: Management accounting is a practice whereby management reports and accounts…

Q: describe the fl ow of information in an accounting system

A:

Q: Accounting being an information system follows basic accounting concepts or principles also known as…

A: Notes: “Since you have asked multiple questions, we will solve the first question for you. If you…

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: Discuss the place of books and documents in accounting, considering the functions and basic concepts…

A: The accounting process starts with the identification of monetary transactions and recording of…

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: An accounting policy is

A: Accounting policy are not judgement applied to record a transaction. Accounting estimates are…

Q: of accounting information

A: Accounting Cycle-:The Accounting Cycle is a time duration that is made to make financial accounting…

Q: What are the two primary functions of financial accounting?

A: Financial accounting is that field of accounting in which all financial transactions are recorded in…

Q: 1. Name the transactions or events which can be considered "IDENTIFYING" based on the definition of…

A: "IDENTIFYING" means determining the transactions that are financial in nature and needs to be…

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: Define accounting? Also elaborate the rules for debit and credit in detail.

A: Accounting - It is the recording of financial events along with other functions of storing, sorting,…

Q: Financial accounting is the area of accounting aimed at serving __________ by providing them with…

A: Financial accounting helps in preparing financial statements like Statement of Income, balance sheet…

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: Explain in brief the term ‘Accounting’ and give any two differences between bookkeeping and…

A: The term Book keeping and Accounting are often used interchangeably but this two are not synonymous.…

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

A:

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Main objective of financial accounting

A: Financial Accounting In the financial Accounting the basic process is to record the required…

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b) assumption,…

A: Principles are the rule made for every business.

Q: Describe about the external and internal events of the accounting.

A: An Accounting event is a transaction that is recorded in the books of accounts of the company. The…

Q: The reporting of accounting theory is related to ........ Select one : a . Principles b .…

A: Accounting refers to the process of systematic recording of the transactions of the business. Such a…

Q: State the various essential features of an accounting report.

A: Step 1 The report refers to the summary of the information which caters to a particular need. It is…

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: Briefly describe the two fundamental qualities of useful accounting information.

A: Accounting information is data about a business entity’s transactions. From buying inventory and…

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: Explain what management is, define accounting, and discuss the nature and purpose of accounting.

A: Management is the process of planning and organizing the resources and activities of a business to…

Q: In broad general terms, what is the purpose of accounting?

A: Accounting: It can be defined as the process of summarizing and recording the financial events and…

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

A:

Q: accounting

A: Debit  :-  In accounting it indicates benefit received by a particular…

Q: Which of the following branches of accounting is the original form of accounting? a. Financial…

A: The branches of accounting are 1 Financial accounting 2 Cost accounting 3. Management accounting…

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…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is