xplain the accounting process in det

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: What means accounting information?

A: Accounting information -   the information which is generated from the accounting process is known…

Q: State the three fundamental steps in the accounting process.

A: Accounting is a process of keeping record of all the transactions in the business and summarise them…

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: to be useful, accounting information should be presented using

A: The company will record each and every day to day transactions happened during the operations of the…

Q: information would include ........ .

A: External users are people outsidebusiness entity who use accounting information.external users are…

Q: Calculate the missing figure using the basic accounting equation

A: Cash float : It means amount of cash kept in drawer at the beginning of each working day to ease…

Q: users of accounting information

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

Q: Explain the accounting processing cycle.

A:

Q: What's is the accounting equations

A: Accounting equation is considered as foundation of double entry accounting system. Accounting…

Q: There are various users of accounting information. Identify any three and explain how they benefit…

A: The accounting information is crucial for businesses because it helps in the determination of the…

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 the steps of accounting cycle in detail.

A: An accounting cycle is a process for preparing the entity's books of accounts. It is the process of…

Q: How to balance an accounting equation

A: Accounting equation:   Accounting equation is treated as a basic foundation of the double entry…

Q: What is the main fundamental operation in Accounting? Explain the process

A: Accounting: Accounting is the practice of keeping track of a company's financial activities.…

Q: Define accounting equation

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Identify and state two generally accepted accounting principles that relate to adjusting the…

A: Adjusting the accounts: It is done so that the financial statement shows the correct and accurate…

Q: Write down the general expression of accounting equation.

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

Q: explain the accounting equation in its basic and expanded forms

A: The accounting equation is used as the basis of the accounting method of dual entry. The balance…

Q: In you own understanding, discuss briefly the salient features of accounting models such as Entity…

A: Accounting concepts are basic rules , assumptions and conditions that…

Q: List of original sources of accounting

A: Accounting is the term that is defined as the process of documenting or recording the financial…

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: Who are the users of accounting information?

A: Users of accounting information means the stakeholders that will use the accounting information for…

Q: Who are the èxternal user's of accounting information

A: The accounting information is used by the external user and internal user. The External users are…

Q: n account

A: Concept: Partnership is the firm that more than two peoples will run the business and sharing their…

Q: Explain in your own words the process of Accounting cycle.

A: The accounting cycle refers to a process that is followed in preparing and recording all the…

Q: Explain the Accounting Equation?

A: The accounting equation is the foundation of the balance sheet as well as the fundamental premise of…

Q: List and explain various functions of accounting.

A: Accounting is the process of recording financial transactions pertaining to a business. The…

Q: What are the steps of the accounting cycle?

A: Accounting cycle is a cycle which defines as the overall accounting process starting from the step…

Q: Explain the methods of accounting.

A: Accounting methods refers to the ways which are adopted by the company in order to record its income…

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: Explain the application of the basic principles of accounting.

A: Income tax expense:   The expenses which are related to the taxable income of the individuals and…

Q: What do the accounting equation's elements entail? Give an explanation.

A: Accounting equation:  An accounting equation is a tool that creates a link between a company's…

Q: accounting consept

A: Introduction Accounting Concept: Accounting concept refers to the fundamental assumptions,…

Q: explain.

A: Last-in, first-out (LIFO) is an expression that stands for last-in, first-out. It's an inventory…

Q: how do you find the answer to componets of accounting equations

A: The accounting equation is as followsTotal Assets= Liabilities+ Owner's Equity.So, whenever any…

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