accounting records the impact of a business event when it occurs, regardless of whether the transaction affected cash

Q: How does the time period assumption affect an accountant's analysis of business transactions ?

A: Time period assumption state that business organizations are required to prepare and present their…

Q: What type of accounting recognizes revenues and expenses in the same accounting period that cash…

A: . Accrual basis: It is one of the methods of basis of accounting that records the transactions…

Q: What is accounting and how does it relate to business?

A: Accounting: In finance, accounting is the process of documenting financial transactions, keeping and…

Q: Explain what a business transaction is and provide two examples of a business transaction affecting…

A: Accounting equations are on the basis of the dual aspect concept of accounting. It means that every…

Q: According to generally accepted accounting principles, companies can choose to use either the cash…

A: According to generally accepted accounting principles, companies which are public are required to…

Q: how will a change from cash basis accounting to accural basis accounting positively and negatively…

A: Books of accounts can be maintained either using the cash basis accounting or using the accrual…

Q: Explanation of a business's accounting function. What is the function's purpose, and why is it…

A: INTRODUCTION: Accounting is the discipline of recording and reporting on a company's financial…

Q: Which one of the following is a characteristic of a valid business transaction? It is an event…

A: Business transaction is an event with an external party and that needs to be recorded in accounting.…

Q: Financial accounting serves which primary function(s)?  a. Measures business activities. b.…

A: Financial accounting is a branch of accounting which deals into summarisation, analysis and…

Q: hich of the following is managed by an accounting department's dministrator? O A. bills and expense…

A: Accounting department refers to the corporate overhead group part of the firm and this department is…

Q: Explain how accounting is used to track and monitor the economic events that impact business…

A: Accounting is defined in simple terms as an art of keeping the record of financial transactions of a…

Q: According to which concept the owners are considered to be different from the business [A] Business…

A: Accounting concepts are the rules or assumptions that must be followed whil preparation of financial…

Q: these include debts, obligations to pay, and claims of the creditors on the assets of the business.…

A: The financial statements of the business includes the income statement and balance sheet. The…

Q: Which accounting concept or principle states that the transactions of a business must be recorded…

A: It is true that business as an entity is different from its owners and its accounts shall be…

Q: how does business owners can use the statement of profit and loss or income statement and balance…

A: The business needs a variety of financial statements to function in the business society. The…

Q: How does IFRS APPLY TO THE ACCOUNTING CYCLE AND FINANCIAL REPORTING?

A: IFRS - International Financial Reporting Cycle is the standard set by the IASB (International…

Q: What do you mean by accounting in business? Explain the Accounting Cycle in detail?

A: Accounting represents the process of recording the financial and non financial transactions in the…

Q: An explanation of the accounting role of a business. What is the purpose of the function, and why is…

A: Accounting is the discipline of recording and reporting on a company's financial transactions and…

Q: In accounting for a business, what does it mean to apply credits? Please explain.

A: Business transactions are happenings that have a financial impact on the financial statements of a…

Q: Who are the users of accounting information?

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

Q: An accounting concept’s applied when the cash drawn by from the business is recorded as “Owner’s…

A: The basic assumptions, rules, or conditions specifying the constraints for the working of accounting…

Q: How do business transactions affect the accounting records of a company?

A: Accounting Records - Accounting records are the transaction recorded by the organization from past…

Q: Statements prepared to know profit or loss and financial position of the business are called:…

A: Various statements are prepared to know the profit or loss and financial position of the business

Q: How would you describe the difference between cash basis accounting and accrual basis accounting?…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: How reported accounting numbers can affect an individual's perceptions and actions.

A: Financial reporting means releasing the financial reports of the company to its shareholders and in…

Q: What is the business activity that's occurring for the customer? Describe the transaction in…

A: Companies sometimes issue cheques for the Payment of certain expenses and to the Payment of their…

Q: Where is the first formal accounting record of a business transaction usually made?

A: State the manner by which the first formal accounting record of a business transaction usually made.…

Q: What is the owner’s right to the assets (claims to the assets) of the business called? Group of…

A: Solution: As per basic accounting equation: Assets = Liabilities + Owner's equity Therefore Lenders…

Q: It is the amount collected by the business in advance from the customers before the business…

A: Under the accrual basis of accounting business transactions are recorded in books of accounts as and…

Q: Can every business transaction no matter how simple or complex be expressed in terms of its effect…

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

Q: Discuss the importance of reporting transactions in the correct

A: (1) On the basis of accrual accounting a company's financial statements will present a more…

Q: Match the transaction to the basis of accounting used by the business

A: Accounting: Accounting is the method of recording money transactions relating a business. The…

Q: How does the type of business structure affect accounting, reporting, taxes, and liability?

A: Types of business are sole proprietorship, Partnership, LLC, Cooperative, Corporations.

Q: When do accountants consider revenue to be realized?What basic question about recording revenue in…

A:

Q: Describe the difference between the accounting function and the finance function? What purpose do…

A: The key difference between accounting and finance is that accounting mainly focuses on the…

Q: The five primary activities of a business generally are: a.receiving cash, disbursing cash, buying…

A: Business: Activity involving the exchange of goods or services with the intention of earning…

Q: Financial statement users assess a business liquidity and solvency to see whether a business is…

A: Solution Concept Liquidity               The term liquidity means how quickly can the assets be…

Q: The amount business owes to others is known as: Revenue Expense Liabilities Assets

A: The different accounts in business balance sheet are described as assets, liabilities and owners'…

Q: Clearly

A:

Q: Explain the accounting function of a business. What is the purpose of this function, and why is it…

A: Accounting responsibilities: Accounting functions may be divided into two categories: managerial…

Q: Show how the below transactions affect the financial position of the business as represented by A =…

A: As per accounting equation of the business, total assets must be equal to total liabilities and…

Q: An amount invested by the proprietor in the business should be debited to: O a. Capital Account O b.…

A: The owner needs to start a business by contributing cash or fixed assets to the business and make an…

Q: Which of the following is in accordance with generally accepted accounting principles? Accrual-basis…

A: Solution 26: Generally accepted accounting standard means a set of accounting principles, standards…