Describe any two concept of accounting

Q: Describe the basic assumptions of accounting.

A: Accounting is a systematic process of identifying, recording, measuring, classifying, verifying,…

Q: Accounting equation system

A: The answer is provided as follows:

Q: two characteristic

A: Accounting principles are standards, statutes and guidelines adopted by the management for the…

Q: Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption,…

A: Accounting Principle - Every business entity i.e. proprietorship, partnership and company have to…

Q: Answer the following: Question One: State the accounting equation and define its components with…

A: Accounting refers to the process of recording, processing and eventual communication of financial…

Q: Briefly describe the two major fields of accounting.

A: Accounting: Accounting is the process of recording, summarizing, and examining the business events…

Q: 1. What are the elements of an expanded accounting equation?

A: Hi student Since there are multiple questions, we will answer only first question.

Q: plain what’s manage define accounting and describe nature and objective of accounting.

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Basic purpose of accounting

A: There are two basic purpose of Accounting they are 1. Ascertaining Financial results (Profit ans…

Q: What are three accounting assumptions

A: While preparing financial statements, there are various assumptions to be followed and implemented…

Q: Give any four examples of Provision and Reserves with regards to accounting  concepts?

A: Provision is an term used in accounting in which an amount was estimated to be happen in future…

Q: Describe the effect of each transaction on the basic accounting equation.

A: Accounting equation:   Accounting equation is an accounting tool expressed in the form of equation,…

Q: a) Explain the many objectives of accounting.

A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If…

Q: What's is the accounting equations

A: Accounting equation is considered as foundation of double entry accounting system. Accounting…

Q: this multiple choice questions from ACCOUNTING PRINCIPLES I

A: Question 13 option D is correct  income statement  Depreciation appears on income statement.

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

A: Accounting assumption: These are the accounting practices or principles which are considered to be…

Q: Briefly define accounting.

A: This question explains about accounting.

Q: What are the basic accounting formulas for beginning and intermediate accounting?

A: The basic accounting formula / equation for beginining Accounting and intermediate accounting…

Q: What are different types of accounting information?

A: Introduction: Accounting: Accounting is an art of recording, classifying , summarizing and…

Q: State the different types of accounting.

A: Accounting refers to a process through which all day-to-day activities or transactions occurred or…

Q: What are the two primary functions of financial accounting?

A: Financial accounting is that field of accounting in which all financial transactions are recorded in…

Q: Write down the general expression of accounting equation.

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of the…

Q: About accounting

A: Financial Accounting- Financial accounting is the process of documenting, compiling, and disclosing…

Q: State two users of accounting information and what type of information they need.

A: There are various users of accounting information.

Q: What are the principle of accounting

A: Principles of accounting are the rules and regulations that must be pursued by an organization when…

Q: The essential characteristic(s) of accounting is (are)

A: Accounting is an art of recording, classifying, and summarizing in a significant manner and in terms…

Q: Describe the three functions of accounting

A: “Since you have asked multiple questions, we will solve the first question for you.  If you want a…

Q: List and explain various functions of accounting.

A: Accounting is the process of recording financial transactions pertaining to a business. The…

Q: Define accounting

A: One of the most important factor any business is accounting. An accountant is the one who handles…

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

A: Accounting principle: These are the guidelines which are to be applied while preparing the…

Q: Each external transaction will have a dual effect on the accounting equation. Explain what this…

A:

Q: Describe about the external and internal events of the accounting.

A: An Accounting event is a transaction that is recorded in the books of accounts of the company. The…

Q: Explain the three basic components of an accounting information system?

A: Accounting information systems: Accounting information system is a system that collects, stores,…

Q: State any TWO (2) objectives of accounting.

A: Every business always operates for deriving profits and gains. Books of accounts need to be…

Q: What do the accounting equation's elements entail? Give an explanation.

A: Accounting equation:  An accounting equation is a tool that creates a link between a company's…

Q: What are five basic components of an accounting system?

A: Accounting information systems: Accounting information systems collects data from different events…

Q: Hypothetically discuss Assumptions of Accounting.

A: The organization and operation of a business are defined by key accounting assumptions. They…

Q: anagerial Accounting uditing ost Accounting

A: a) An activity that provides financial and non-financial information to managers and other internal…

Q: Write the basic accounting equation.

A: The accounting equation represents that the assets are equal to the sum of liabilities and…

Q: What concepts and terminology are utilized in accounting?

A: Introduction: A company's financial transactions are tracked through accounting, which is the…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.