Make a balance sheet of a hypothetical (assumed/imagined) or real company that exist and operate in the world. Every student must have a separate company name and separate numerical values for assets, liabilities, and owner's equity. Explain what principles should be taken into consideration while making a balance sheet in accordance to generally accepted accounting principles.

Which of the following statements about accounting information is TRUE? Select answer from the options below Accounting communicates financial information about a business to both internal and external users. Accounting information is useful to external users such as the directors of a company. Accounting information is useful to internal users such as labour unions. Accounting communicates detailed financial information to the competition.

what criteria do accountants use to decide whether to use present or future values in accounting statements?

Explain how accounting became a "norm" (what made a system of accounting necessary) and reflect on why YOU think it is beneficial for society as a whole to have a standard method of accounting.