Why do you think it is important to know the origin of accounting? 2. In your own understanding, what is accounting and its function to business? 3. What is the importance of accounting concepts and principles in running a business? (Combine the answers from the questions to make an essay) its okay if its short.

Why do you think it is important to know the origin of accounting? 2. In your own understanding, what is accounting and its function to business? 3. What is the importance of accounting concepts and principles in running a business? (Combine the answers from the questions to make an essay) its okay if its short.

Name: Answer the following questions briefly. (ESSAY.)1. Why do you think it
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Answer the following questions briefly. (ESSAY.)1. Why do you think it is important to know the origin of accounting?2. In your own understanding, what is accounting and its function to business?3. What is the importance of accounting concepts and pr

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter2: Introduction To Financial Statements

Section: Chapter Questions

Problem 9Q: What is the accounting equation? List two examples of business transactions, and explain how the...

See similar textbooks

Similar questions

What is the role of accounting in business? Elaborate your points by providing some real-life examples of the application of Accounting.
Do you agree with the following statement: "Accounting is vital to the success of a business?" Explain.
1. What are the three functions of an accounting system? 2. What are the essential elements in decision making, and how does accounting fit into the process? 3. What types of personal decisions have required you to use accounting information? 4. What does the term "business" mean to you? 5. Why is accounting often referred to as the "language of business"? 6. In what ways are the needs of internal and external users of accounting information the same? In what ways are they different? 7. What does IFRS stand for? Who sets up the IFRS and are there many countries adopting IFRS? What is the advantage to adopt IFRS? 8. What are generally accepted accounting principles (GAAP)? What is the purpose of GAAP? Who currently develops and issues the U.S. GAAP? 9. Why is it important for financial statements and other external reports to be based on generally accepted accounting principles? 10. What are the respective roles of the Securities and Exchange Commission (SEC) and the Internal…
What are some of the processes in accounting such as the accounting equation, the ledger general, journal, trial balance, income statement and balance sheet. Explain the processes and why they are important. Incurring a profit and loss in a business The Generally Accepted Accounting principles What are some of the advantages of accounting, for example decision making. Jobs in accounting, salaries, working hours, educational requirement, Technology in accounting. Anything elser that you would like to include Your personal view of accounting
why do you think accounting is important especially on businesses?
Explain how accounting works in a business. Is there a reason this is important? It gives a lot of different kinds of information.
What is the accounting equation and discuss how it impacts on the operations of a business? 2. Why is liquidity critical for a business and how might this affect decision making? 3. Why is investment appraisal important to a business? Use examples to support your reasons. 4. What is meant by relevant costs and critically explain their role in decision making. 5. Discuss the benefits of the information contained in the Income Statement/Profit and Loss Account.
In accounting it’s important to understand that there may be events that occur that are not business transactions that affects the accounting equation. Remember that the expand accounting equation is: Asset=Liabilities +owner’s Equity +Revenue-Expenses. Please be sure that you provide this transaction in general journal format. Additionally give us an example of an event that is not an accounting transaction .
Divide into groups as instructed by your professor and discuss the following:a. How does the description of accounting as the “language of business” relate to accounting asbeing useful for investors and creditors?b. Explain how the decisions you would make might differ if you were an external investor or amember of an enterprise’s management team.
In a business, what does it mean to apply credits? I understand what the definition of a credit is, but what does it mean to apply credits in accounting? Please explain, thank you.
Chapter 3 of the text focuses on The Accounting Framework, which includes a discussion of the qualitative characteristics of financial information. While much of this discussion is beyond what a student taking an introductory course really needs to be concerned with, there are a few considerations that all business students should have a basic understanding; Discuss a scenerio where Cost vs. Benefit, Materiality or Prudence would be considered. Your example should focus on one of the three characteristics.
Why is it important for engineers and managers to understand accounting principles? Name a few ways that they can do so