Answered: Define the term accounitng, explain any…

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 1.2E

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Question

a) Define the term accounitng, explain any five types of accounting information
users using five different types of industires and how their accounting
information would be relevant to decision.
b) What do you understand by the term booking, explain the process of
bookkeeping to be aopted by a petty trader and the likely summarized
doucuments that can come out of the book keeping process?
c) The process of preparing accounting records require care and good practice,
explain to Maame Monkuah the characteristics of information needed to prepare
a balance sheet or profit and loss acccount.

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