Activity: Explain and differentiate the different branches of accounting. Financial accounting - Managerial accounting - Cost Accounting - Auditing - Tax Accounting - Fiduciary accounting - Project Accounting - Forensic Accounting - Fund Accounting - Government Accounting - Political Campaign Accounting - International Accounting - 2. Describe the nature of accounting 3. Explain the accounting process: recording classifying summarizing interpreting 4. Differentiate the four forms of business organizations: Sole proprietorship General Partnership Limited liability Company Corporations 5. Explain and describe the type of information needed by each of these users: Revenue expenses profitability debt 6. Explain each accounting principles Accrual principle Conservatism principle Consistency principle Cost principle Economic entity principle Full disclosure principle Going concern principle Matching principle Materiality principle Monetary unit principle Reliability principle Revenue recognition principle Time period principle 7. Define and explain each qualitative characteristics of useful financial information: Verifiability Timeliness Understandability Comparability 8. Differentiate the types of business according to its activity: Service business Merchandising business Manufacturing business 9. Name a 10 company according to the three major types of businesses 10. Define the three major elements of accounting equation: assets liabilities
Activity: Explain and differentiate the different branches of accounting. Financial accounting - Managerial accounting - Cost Accounting - Auditing - Tax Accounting - Fiduciary accounting - Project Accounting - Forensic Accounting - Fund Accounting - Government Accounting - Political Campaign Accounting - International Accounting - 2. Describe the nature of accounting 3. Explain the accounting process: recording classifying summarizing interpreting 4. Differentiate the four forms of business organizations: Sole proprietorship General Partnership Limited liability Company Corporations 5. Explain and describe the type of information needed by each of these users: Revenue expenses profitability debt 6. Explain each accounting principles Accrual principle Conservatism principle Consistency principle Cost principle Economic entity principle Full disclosure principle Going concern principle Matching principle Materiality principle Monetary unit principle Reliability principle Revenue recognition principle Time period principle 7. Define and explain each qualitative characteristics of useful financial information: Verifiability Timeliness Understandability Comparability 8. Differentiate the types of business according to its activity: Service business Merchandising business Manufacturing business 9. Name a 10 company according to the three major types of businesses 10. Define the three major elements of accounting equation: assets liabilities
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter2: Financial Reporting: Its Conceptual Framework
Section: Chapter Questions
Problem 2E
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Activity:
- Explain and differentiate the different branches of accounting.
- Financial accounting -
- Managerial accounting -
- Cost Accounting -
- Auditing -
- Tax Accounting -
- Fiduciary accounting -
- Project Accounting -
- Forensic Accounting -
- Fund Accounting -
- Government Accounting -
- Political Campaign Accounting -
- International Accounting -
2. Describe the nature of accounting
3. Explain the accounting process:
- recording
- classifying
- summarizing
- interpreting
4. Differentiate the four forms of business organizations:
- Sole proprietorship
- General
Partnership - Limited liability Company
- Corporations
5. Explain and describe the type of information needed by each of these users:
- Revenue
- expenses
- profitability
- debt
6. Explain each accounting principles
- Accrual principle
- Conservatism principle
- Consistency principle
- Cost principle
- Economic entity principle
- Full disclosure principle
- Going concern principle
- Matching principle
- Materiality principle
- Monetary unit principle
- Reliability principle
- Revenue recognition principle
- Time period principle
7. Define and explain each qualitative characteristics of useful financial information:
- Verifiability
- Timeliness
- Understandability
- Comparability
8. Differentiate the types of business according to its activity:
- Service business
- Merchandising business
- Manufacturing business
9. Name a 10 company according to the three major types of businesses
10. Define the three major elements of
- assets
- liabilities
- shareholders' equity
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