Topic 4 Tutorial Questions (week 5)

these multiple choice Questions from ACCOUNTING PRINCIPLES 1 Course.I need the final.

What is Accounting? Bookkeeping vs. Accounting Purpose of Accounting Generally Accepted Accounting Principles (GAAPS)

Comprehension questions 11 and 12 page 58 11. How does accounting information reduce agency problems in relationships between management and debt holders?

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Homework 24.02 Explâin why the income statement can also be called a “profit-and-loss statement.” What exactly does the word balance méan in the title of the balance sheet? -Why do we balance the two halves?

Question 22         What are the 2 Fundamental Qualities of useful accounting information? Answers: Faithful Representation, Accuracy   Relevance, Faithful Representation   Timeliness, Consistency   Relevance, Materiality

8. Information is based on actual costs incurred in transactions."

How does the accounting conceptual framework apply to the following IAS? Or how does the conceptual framework relate to the following accounting standards? 1. IAS 1 2. IAS 21 3. IAS 8 Any explanation will be highly appreciated. Thank you!

Question: computers play a significant part in current accounting practice. state two advantages of a computerized accounting system.

Why does a financial statement preparer need to stay current in financial accounting?     Question 13 options:

1ACCT1002 – Introduction to Financial AccountingUWI Open CampusACCT 1002INTRODUCTION TOFINANCIAL ACCOUNTINGWorksheet 1 Tutorial Worksheet # 1Accounting and the BusinessEnvironment1. The primary objective of financial reporting is to provide information useful formaking investment and lending decisions. To be useful, financial information mustpossess certain characteristics. State these characteristics and discuss each.2. Accountants often refer to GAAP. What does the acronym GAAP means and why isit important in accounting?3. What does the acronym FASB represent and what role does it play in financialaccounting?4. Suppose you are the sole owner of a bicycle sales and repair shop for many years.Which business type would best protect your personal assets from product liabilityexposure and why.5. Suppose you and a friend developed a new technology for home computer systems.However, you both need to raise a large amount of capital to build the productionand support facilities to market the…

1UWI Open CampusACCT 1002INTRODUCTION TOFINANCIAL ACCOUNTINGWorksheet 1Unit # 2 WorksheetFinancial Accounting Cycle- Part I1. The accounting equation is often described as being very important inaccounting. Explain the purpose of the accounting equation and state twodifferent forms or ways in which it can be written.2. Distinguish between assets and liabilities and provide three (3) examples ofeach to support your arguments.3. Distinguish between income and expenses and provide three (3) examples ofeach to support your arguments.4. Suppose a business receives a bill for services rendered from one of itssuppliers. The business will pay the supplier next month. When the businessreceives the bill from its supplier, explain how this affect the accounting equationin terms of increasing or decreasing assets, liabilities, or owner’s equity?5. Suppose equipment is sold for cash in an amount equal to the cost of theequipment recorded on the books. How does this sale affect the…

6 The mechanics of accounting involve analyzing the effect on the accounting equation of financial transactions. Knowing how transactions affect the accounting equation allows you to consider and account for all the ramifications of sometimes complicated transactions. You are mentoring an accounting intern who asks for clarification about trial balances. She wants to know if a trial balance balances, would that guarantee that the trial balance is correct? Consider her question. What possible errors could happen and still allow the trial balance to balance?

Generally accepted accounting principles play an important role in financial reporting.a. What is meant by the phrase generally accepted accounting principles?b. What are the major sources of these principles?c. Is there a single comprehensive list of generally accepted accounting principles? Explain. d. What types of accounting reports are prepared in conformity with generally accepted account-ing principles?

Explain why the prudence concept is important and how the prudence concept applies in financial accounting. You are required to use three common accounting treatments to demonstrate how the prudence concept applies in financial accounting.

ACCT 501 Intermediate Accounting What are the basic problems that occur in the valuation of accounts receivable?   Thank you

Fundamentals of Accountal G red queen series - Google Google Translate omhotobic 713841 nstagram A BS, BE, GP, MI A LAINE: IG ATTEND.. E Hydrogen Daily Sales E MarcidBlue Daily S SummativeASSESSILMAS information usedin the financial accounting and managementaccountting fiel Accounting Education Cost Accounting 1. a. b. Tax Accounting Auditing One of the differences of financial accounting from management acCounting d. 2. a. Financial accounting are beneficial to external users only. b. Financial accounting can be used by internal users only Financial accounting produces reports known as the financial statement d. Financial accounting, unlike management accounting, primarily aims help managers in their decision-making. The definition of government accounting came from a, Section 109 of Presidential Decree 1446 b. Section 109 of Presidential Decree 1445 Section 110 of Presidential Decree 1445 Section 110 of Presidential Decree 1446 C. d. Information produced by this branch of accounting…

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corresponding credit entry, what does this mean in Accounting? Select one: O a. Entry at two separate dates in a credit and cash transaction O b. Entry of omission and commission O c. The entry of two aspects of a financial transaction O d. The entry of the cost of both equity and liability transactions

art 1 ancial statements? Try answering th mat I Know. It's okay if you write key Questions: What is the importance of preparing financial statements? Enumeraté the complete set of financial statements Discuss the function of each set/elements of financial statements. and general features of financial sta

QUESTION 1 1.1 Explain the differences between Book Keeping and Financial Accounting.

a INOUS OF ADCOUNTING O F E/20OISTAOSEMESTERPRINCIPLES orADACCOLNTINGPRINCIPLESSJOOr2DACCOUNTINGNO3sASS20200 pd V Draw Y Highight Q Frase A Read aloud as a LECTURE Z - ACCountIng Coicepts Question • Define the following accounting concepts and explain for each their implications for the preparation of financial statements a) The Entity concept b) Going concern c) Materiality d) Realization e) Fair presentation (true and fair view)