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- Which of these transactions would be part of the financing section? A. inventory purchased for cash B. sales of product, for cash C. cash paid for purchase of equipment D. dividend payments to shareholders, paid in cashWhat is the impact on the accounting equation when an accounts receivable is collected? A. both sides increase B. both sides decrease C. only the Asset side changes D. the total of neither side changesConsider the following accounts, and determine if the account is an asset (A), a liability (L), or equity (E). A. Accounts Payable B. Cash C. Dividends D. Notes Payable
- Explain how the accounting equation organizes financial information using T-accounts and debits and credits.What are the effects of the following transactions on the accounting equation? Indicate an increase (+) or decrease () under the affected asset, liability, and owners equity headings.Accounting equation refers to the relations between line items on the balance sheet, and can be summarized as Assets = (Liabilities + Equity) - (Debt + Net worth). True False
- Explain the accounting equation while considering the relationship between asset, liabilities and capital?Discuss the fundamental principles of accounting, including the matching principle, the revenue recognition principle, and the historical cost principle. How do these principles affect the preparation of financial statements?Prepayments are presented: A. in statement of financial position as assets B. in statement of financial position as liabilities C. in statement of financial position as equity D. in statement of profit or loss(Explain your solution)
- In respect to financial accounts, what do you understand by "materiality?" Also, name two variables that influence whether something is considered "material."How does the double-entry accounting system ensure the accuracy of financial transactions and maintain the balance between assets, liabilities, and equity?What is the primary function of financial accounting?