What are the different types of accounting?
Q: What are the benefits of generally accepted accounting principles (GAAPs)?
A: GAAP stands for Generally Accepted Accounting Principles.
Q: What means accounting information?
A: Accounting information - the information which is generated from the accounting process is known…
Q: What are the basic foundation of Accounting?
A: Accounting: Accounting is the practice of documenting financial transactions that occur in the…
Q: What are the basics of Accounting?
A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…
Q: how does accounting work?
A: Accounting is the method of recording all the financial transactions of the business. This process…
Q: The reporting of accounting theory is related to what?
A: Accounting theory is all related to the preparation of financial statements of the business.…
Q: What is ABC system in accounting? Explain with example?
A:
Q: What are the principles of accounting according to GAAP?
A: GAAP: Generally Accepted Accounting Principle (GAAP) is a common set of accounting principles,…
Q: What is accounting? Also define its branches.
A: Every business, when it set up, has to know its plan of how it has to be carried on and what all…
Q: What is accounting base on
A: The term that is related to the recording of the business transactions, summarizing the data, and…
Q: What is the relationship between accounting theory reporting and?
A: This question illustrates the connection between accounting theory and reporting.
Q: What is the best accounting method?
A: Accounting Method: The accounting method is the method used for maintaining the books of accounts of…
Q: Which of the following branches of accounting is the original form of accounting?
A: The branches of accounting are: 1. Financial Accounting 2. Cost Accounting 3. Management Accounting…
Q: why are balance sheets important in accounting?
A: Balance sheet is one of the financial statement in business, which is prepared at the end of…
Q: What is the matching principle of accounting?
A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…
Q: What are the objective of any accounting system?
A: The accounting information system is software in which inputs are added in the form of sales or…
Q: How are changes in accounting principle applied?
A: Accounting Principles: It refers to a set of guidelines that all organisations must follow while…
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: What was the most fundamental aspect of accounting?
A: The activity of maintaining track of a supplementary ledger is known as accounting. Accounting…
Q: What are the Universal Standards in Accounting?
A: Universal standard of accounting is also known as International standard of accounting. The…
Q: What are the different branches of accounting?
A: Accounting:Accounting is the process of recording, summarizing and examining the business events…
Q: accounting definition?
A: Accounting means a process of recording , classifying , summarizing , interpreting and communication…
Q: What are the principle of accounting
A: Principles of accounting are the rules and regulations that must be pursued by an organization when…
Q: What are the different objectives of accounting?
A: Accounting: An organization's financial transactions are recorded through accounting. Reporting…
Q: What are the different assumptions of Accounting principles?
A: Accounting assumptions provide a fundamental base and structure to record business transactions.The…
Q: What is the most fundamental accounting model?
A: Solution:- Introduction:- Accounting model play vital role in accounting. Accounting model gives…
Q: To what end does financial accounting serve?
A: The end of financial accounting is to provide business with the financial performance and financial…
Q: What Is The Primary Objective Of Financial Accounting?
A: Financial accounting: Financial accounting is the process of measuring the business activities of an…
Q: What exactly do you mean by the idea of materiality in accounting?
A: This question explains about the idea of materiality in accounting
Q: Describe simply what accounting is.
A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…
Q: What is the primary function of financial accounting?
A: Financial accounting: Primary of function of Financial accounting involves the process of preparing…
Q: Is accounting theory really necessary for the making of accounting rules?
A: Solution:- Is accounting theory really necessary for the making of accounting rules:- Accounting…
Q: Explain the Accounting Equation?
A: The accounting equation is the foundation of the balance sheet as well as the fundamental premise of…
Q: Can you explain the basic accounting equation?
A: The basic accounting equation represents the relationship between assets,liabilities and…
Q: What is Basis of accounting
A: The system by which revenues and expenses are recognized in a company's financial statements is…
Q: What accounting terms should I be familiar with?
A: . Accounting information summarizes and reports on a company's financial actions. Companies might be…
Q: How is the use of accounting information diverse and varied?
A: Definition: Accounting Information: Accounting Information refers to the data which makes a decision…
Q: What is the meaning of accounting?
A: Bookkeeping refers to the way of recording day-to-day business transactions and information.…
Q: How do I define each branches of accounting? and what are they for?
A: Branches of Accounting have emerged because of economic, industrial and technological developments.…
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: In general, what is the conceptual framework that underlies accounting principles?
A: Accounting principles are the specific rules and guidelines that are to be followed in preparation…
Q: what makes up accounting theory
A: An accounting theory is a notion that uses speculations, methodologies and frameworks in the study…
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- Accounts futo Persoual, Nomeval Classify the followiny Real VAIC O Accountis payable Goodwill Reut prepaid ☺ Depricátion. StockIhe accourtsfor the statement of fihancial postionandincame statemert a Altredo Escarno, CPAare a tollows: Alteda Ie, CRA Adjunn TrialEe nce Decem ber31, 20X Cad it N1,500 Accnun Debit Accounts hyable Accounts Beoeivable Accu nauilatel Depredsion - Bualing Acu naulated Deprednion -Ofice Eqrip ment Autiing Laenua Bul ding Cath Dereivtion Expas e-Baling Doreciation Ispase-Otice Eqip mat Isano, Capital, Isano, Wahdrawals n1,000 110,00 120,000 1,361,500 750,000 11 S00 55,000 60,000 1,215,500 165,000 75,000 60,000 362,500 96,000 26,000 6,500 52,500 735,000 Ind Mots Becdusble Oftice Equap nent Oftice Supplie Expense Office Supplis Profeiond Deudep mat Ixpense Rent Expense Salades Ixpense Salades Pyable Trud Expense Uhlitis Expense TOTAL 30,500 41,000 18,000 P2 PO1000 RB0 1000 Required: Bepae in goodfom te icome statement andthe statenet f firndalpostion f Altredo Escano, CPAfrte year ended Deombe 31 201XMatch the following items with correct accounting treatment (A through C):
- 5. RECONCILIATIONS ACTIVITY 1 1.1 Explain why the Creditors Control account balance and the Creditors list total should be equal. BotharepThe balance of the |veditore Control account must equay the totol répiecents ne cieditors list,which amount Owed bu the maividuat arealtoNS obtgimed from the Corrections to the Creditors Control account dividudi balances VariouC Cubsidiaryledgel CREDIT SIDE decouhls for each creditore 1.2 DETAILS DEBIT SIDE Balance on 1 October 2018 48 735 Credit purchases of stock 72 480 Journal credits 1 450 Bank and discount received 62 910 Total returns and allowances 3 510 Journal debits 2 250 Additional information (i) (ii) (iii) (iv) (v) (vi) TOTAL OF EACH COLUMN Balance on 31 October 2018Shttps://anu.instructure.comytourses/7789/quires/34131/take Question 7 Sps What is the impact on the accounting equatioon when an accunts receivable is collected? both sides increase both sides decrease only the Asset side changes the total of neither side changes Question 8 SptsAllowance method Using transactions listed in £6-S. indicate the effects of each transaction on the liquidity metric days’ sales in receivables and profiability metric return on sales.
- The revenue recognition principle dictates that revenue be recognized in the accounting period Select one: a. after it is earned. b. before it is earned. wh the performance obligation is satisfied. C. d. in which it is collected Previous page Next pa hpbad debt expense is relevant into the followings cycles: a. capital acquisition and payments b. Inventory and warehousing c. payroll and personnel d. sales and collection أخلِ اختياري سؤال 2 غير مجاب عليه بعد الدرجة من 1.00 علِّم هذا السؤال نص السؤال CPA Ellen Stout performs the audit of the local symphony society. Because of her good work, she was elected an honorary member of the board of directors. This action does not violate the independency of the auditor إختر واحداً: صح خطأ سؤال 3 غير مجاب عليه بعد الدرجة من 1.00 علِّم هذا السؤال نص السؤال The two characteristics of the appropriateness of evidence are a. relevance and reliability. b. relevance and timeliness. c. relevance and accuracy. d. reliability and accuracy.In 20X1, FYY Ltd. purchased 2,400 shares of Humor Inc. for $74,400 plus $2,400 in commission. The shares had a fair value of $88,000 at the end of 20X1, $95,900 at the end of 20X2, and $11,850 at the end of 20X3. In 20x4, the shares were sold for $102,700 less $2,400 in commission. In each of 20X1, 20X2, and 20X3, dividends of $5,760 were received. Required: 1. Prepare journal entries for 20X1 to 20X4, (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Assuming FYY reports using ASPE and the cost method. View transaction list Journal entry worksheet 2 3 4 5 Record the investment made in Humor Inc. Note: Enter debits before credits. Transaction General Journal Debit Credit 20X1 Record entry Clear entry View general journal
- Advances from customers are classified as a(n) a. b. C. d. Select one: a. current asset. b. current liability. С. expense. d. revenue.When does a company record the transfer of accounts receivable as a sale? As a secured borrowing (a liability)?Which of the application of of a. Presenting a the related s b. Deducting fe gains and pr c. Deducting u trading secu d. Deducting a account and