Discuss the purpose balance sheet serve to the company discuss the characteristics that differentiate.

Q: hat are the accounting information needed by: a. Internal users b. External users

A: Accounting Information:- This is that information that is required by both external and internal…

Q: CHOOSE A, B,C OR D  Management accounting serves following purposes: A. provision of information…

A: Accounting for management is the practice of producing corporate operations reports to help managers…

Q: The accounting process generates financial reports forboth internal and external users. Describe…

A:

Q: Identify the accounting concepts/policies adopted in the preparation of balance sheet of the…

A: Introduction Accounting concepts and policies are specific principles, conventions, rules and…

Q: Identify each of the following as an accounting Principle, Assumption, or Constraint. 1. Time period…

A: Accounting principles are guidelines issued by the appropriate authority and should be used while…

Q: two methods of acquiring accounting information sysytem, and list there disdvantages and advantages

A: Accounting information systems is a system of collection, processing and storage of accounting and…

Q: Which one of the following accounting concepts/conventions enables the business to make comparative…

A: Accounting is process of recording the monetary transactions occur during the financial year. It…

Q: What is the name of the accounting concept in which revenue earned  during the accounting period…

A: An accrual is a journal entry that is used to recognize revenues and expenses that have been earned…

Q: In a business, explain the significance of the Statement of Comprehensive Income and the Statement…

A: Introduction: The term "statement of comprehensive income" refers to the financial statement that…

Q: Prepare the companies financial statements including income statement, equity statement, balance…

A: Financial Statements: Financial Statements are the summary Reports that shows the financial results…

Q: Indicate whether the following financial statement items apply to a manufacturer, a merchandiser, or…

A: Definition: Manufacturing businesses: This is a business that buys raw materials, processes those to…

Q: Discuss the purpose balance sheet serve to the company. discuss the characteristics that…

A: Current assets are assets that are relied upon to be changed over to money inside a year. Though…

Q: Why is a company's accounting cycle so important? It is necessary to provide instances of why…

A: The financial accounting cycle of a firm refers to the whole process of recording and processing the…

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: xplain the accounting process in det

A: Answer: Accounting process is the process which involves maintaining books of accounts and record…

Q: What are the advantages and disadvantages of reviewing the balance statement for a company.

A: Any financial statement typically lists a company's assets and debts, including shareholder equity…

Q: Explain the accounting function within a firm. What does this function do, and why is it important?…

A: Accounting function: It is possible to classify accounting functions into two groups of functions,…

Q: Users of accounting information can be identified as internal and external users. List two of users…

A: The 4 financial statement A balance sheet is a financial statement that represents the financial…

Q: company analysis and value based on accounting data

A: The Answer

Q: Describe common operating transactions and selectappropriate income statement account titles.

A: Common operating transactions are those business transactions which are directly related to revenue…

Q: Accounting role of a business organization explained. Whence comes the function, and why is it…

A: Accounting functions involve tracking, storing, documenting, analyzing, summarizing, and reporting a…

Q: Accounting (Financial) Income (Entry in Income Statement): It is the measurement of a company's…

A: The income statement is one of the key financial statements. It is used to determine the surplus…

Q: Identify the following questions as most likely to be asked by an internal (I) or an external (E)…

A:

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

A: Principles are the rule made for every business.

Q: Select the best answer for each statement. Revenue is recorded when products and services are…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: A prepare a coded chart of accounts for the company B prepare a trial balance in good form C prepare…

A: Income Statement: It is used to report a company financial statement during the accounting period…

Q: Briefly describe the reason of organization separate the accounting function from other function in…

A: Accounting Function: Accounting function are the functions related to maintenance of records of the…

Q: Identify four kinds of external users and describe how they use accounting information.

A: External users of accounting information are those users which are from outside the organization and…

Q: Match each transaction to one of the following activities of an organization: financing activity(F),…

A: Statement of cash flows reports all the cash transactions which are responsible for inflow and…

Q: ccording to Generally Accepted Accounting Principles (GAAP), revenue is ncome when: a contract is…

A: According to Generally Accepted Accounting Principles (GAAP), Revenues are recognized as income when…

Q: mention the users of financial information and their respective needs.ment accounting and cost…

A: The users of financial information and their respective needs are discussed hereunder :

Q: Match each concept with the definition that best describes it. Expense recognition principle…

A: Matching principle - the principle that companies recognized expense in the period in which they…

Q: Identify or classify the different account titles as to whether the belong to Assets, Liabilities,…

A: Current assets are those assets which are expected to be sold as an outcome of the business…

Q: Accounting is the information system that Measures business activities. Communicates the results to…

A: " All of the above is the correct option" as accounting is the information system that examines the…

Q: Components of an accounting information system Measures working people hardware all of the above

A: The accounting information systems records and process both the financial and non financial…

Q: Convert a company’s reported financial statements from LIFO to FIFO for purposes ofcomparison.

A: Inventory valuation is a subjective matter because the valuation approach depends on the judgement…

Q: Create the financial statement ( Income statement and Balance sheet ) for NetSolutions using the…

A: Financial statement is prepared from the trial balance which include :- Profit and loss and…

Q: Assess whether each of following would be recorgnized in the balance sheet of an entity? Explain?…

A: Balance sheet is one of the financial statement of the business. This is prepared for review of…

Q: Select the best answer for each statement. Revenue is recorded when products and services are…

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