Please answer this question Required - prepare trading account and profits and loss account

Q: What is concern of external users of accounting information in GAAP?

A: Accounting information includes all financial statements like Balance Sheet, Income statements and…

Q: Discuss and explain in details the steps of preparing Accrual basis accounting with one example and…

A: Accrual basis of accounting is that basis of accounting in which income and expenses are recorded in…

Q: Explain how the accounting equation organizes financial information using T-accounts and debits and…

A: Accounting involves the process of recording, analyzing, and summarizing costs, allocating,…

Q: Answer the following: Question One: State the accounting equation and define its components with…

A: Accounting refers to the process of recording, processing and eventual communication of financial…

Q: Give me an examples of t account for my accounting class.  I need examples with asset, liability…

A: T accounts are the general ledger accounts that is being prepared by the business for posting of…

Q: Discuss the fundamental principles of accounting, including the matching principle, the revenue…

A: The fundamental principles of accounting are the basic concepts and guidelines that guide the…

Q: Information must be sufficiently transparent so that it makes sense to reasonably informed users of…

A: Lets understand the basics.Information should have some charactaristics which helps stakeholders to…

Q: Question: 1) define Accounting Information System (AIS) ? briefly define.

A: Lets understand the basics. Accounting information system basically means a developed system which…

Q: what is intermidiate accounting? explain further in your own words

A: Intermediate accounting is a level of accounting education and practice that falls between basic or…

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: How does the integration of blockchain technology impact the fundamental principles of double-entry…

A: The "Conceptual Framework for Financial Reporting" serves as a fundamental guide for accounting…

Q: ccounting

A: Account analysis would be delving into the specific line items that make up an account.

Q: Prepare a comment in which you explain what an accounting transaction consists of, and what are its…

A: Accounting Transaction is any business transaction that affects company's financial statements and…

Q: Explain what what four steps to be taken in a purchase /account payble process to insure there is…

A: Step 1: Authorization and ApprovalPurchase Requisitions and Orders:Ensure that all purchase…

Q: Define each of the following terms:e. Purchase accounting

A: Purchase accounting: Purchase accounting is the process of reviewing the liabilities and assets of a…

Q: ow the external will use the accounting information to do decisions

A: Accounting information can be defined as the financial reports and data produced by way of…

Q: Briefly define accounting.

A: This question explains about accounting.

Q: What type of internal and external accounting reports will you use in the process of making…

A: Internal accounting reports are managerial reports which are generated for use by managers at…

Q: How can financial statement users assess the quality of accounting Information?

A: A financial statement is a report that presents the financial performance and position of a company…

Q: Describe the way EPS information should be reported in an income statement.

A: Definition: Earnings per share: Earnings per share represent the amount of income earned per share…

Q: Which of the accounting controls ensure that a company's resources are used efficiently and…

A: Controls are the procedures which are designed and monitored by the management to ensure that the…

Q: Explain the concept of double-entry accounting, and discuss its importance in maintaining accurate…

A: Double-entry accounting is a system of bookkeeping in which every financial transaction is recorded…

Q: Larkspur Golf Stores, Inc. operates a chain of golf equipment stores in the Western United States.…

A: Journal is the book of original entry in which all the transactions of the business are recorded…

Q: Review the basic assumptions of accounting.

A: Financial accounting structure: A system that records, maintains, and creates reports for the…

Q: Analyze typical business transactions and choose suitable account headings for your income…

A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: how you will use accounting information both as an internal and an external user?

A: The accounting is a process to classify and record the business transactions and prepare the…

Q: Explain what makes information in financial statements relevant to use

A: Solution- I think Cash flow statement is the most important for investor to look at although he gets…

Q: Evaluate the importance of accounting for accounting information users.

A: 1. Management 2. Shareholders 3. Creditors 4. Lender 5. Government & Regulators 6. Employees

Q: Why is accounting a system of information? Extend your explanation with an example from your own…

A: Introduction : Accounting a system of information : Accounting Information Systems aids in the…

Q: Define accounting earnings.

A: Accounting Earnings: Accounting Earnings is a Earning which stated on income statement. Accounting…

Q: A knowledgeable investor tries to asses -earnings quality -accounts receivable a -accounts payable…

A: Investor is the person who invests in some property or asset.

Q: Explain what is meant by the term management by exception (see, for example:…

A: Management by exception is referred to as a style of business management where the focus is on…

Q: what are the common problems inc accounting?

A: Accounting issues can lead to significant financial statement errors, undetected fraud because of…

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: What does an effective accounting information system provide?

A: Accounting Information Systems:

Q: Discuss, using practical example how to the presence of double entry principles affect the…

A: Double entry principle says that for recording of every transaction in business, at least one…

Q: W

A: According to AICPA, "accounting is an art of recording, classifying, summarizing in a significant…

Q: Looking for help with accounting basics, the T structure

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…