According to concept of accounting, financial or business transaction is recorded: a ) when cash is received or paid b) when transaction occurs c) when profit is computed D) when balance sheet is prepared =========================
According to concept of accounting, financial or business transaction is recorded: a ) when cash is received or paid b) when transaction occurs c) when profit is computed D) when balance sheet is prepared =========================
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter1: Accounting As A Form Of Communication
Section: Chapter Questions
Problem 1.15MCE
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Question
According to concept of accounting, financial or business transaction is recorded:
a ) when cash is received or paid
b) when transaction occurs
c) when profit is computed
D) when balance sheet is prepared
===================================
Which of below users considered as Internal users of
a. Investor
b. Middle management
c. Bank
d. Buyer
==========================
Creditors of a business may want to use the financial statements to:
a. Be sure that after-sales service will continue
b. Be sure of an increasing share of the market
c. Check that the business is making a profit
d. Check that they are likely to be paid when due
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