elect any five financial transactions of your choice and make journal entries for the same
Q: five lessons you can use as an accounting professiona
A:
Q: Describe five types of business transactions with external parties and another five types of…
A: form of company : Manufacturing
Q: Explain five qualitative characteristics of IFR that is used to prepare financial statement to your…
A: There are five qualities necessary to prepare financial statements and these are required as per…
Q: List the four financial statements. Briefly describe each statement?
A: The four basic financial statements are as follows:Balance sheet.Income statement.Statement of cash…
Q: а. Record the appropriate journal entry on December 31, 20X1. b. Where on the financial statements…
A: Mark to market accounting is made to ensure that the financial statement consists of true amounts.…
Q: List the three questions you posed to the entrepreneur followed by the responses.
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: what is the four major financial statement? What is the purpose of each? Which must be prepared…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: ancial report
A: Financial reporting refers to the concept of evaluating and formulating all the documents of the…
Q: What do you mean by liabilities? Write five examples of expenses?
A: An expense seems to be the cost of an asset that a firm uses in its activities or operations to…
Q: Assume that You are an investor and that you shortlisted the three companies as possible companies…
A: The list of disclosures in the notes to financial statements that make one interested in choosing…
Q: State five reasons why accountants must maintain high accounting standards
A: Accounting Standards are the set guidelines and principles that are required to be followed while…
Q: Pass the necessary journal entry and post them to ledger accounts 2020 – Mr. X commenced business…
A: Journal entry:- Journal entries means writing a business transaction in a better way to understand…
Q: Four types of financial statements prepared for investors and regulators.
A: A company prepares financial statements every period for presenting the performance of the company.…
Q: What are the eight overall considerations to be applied in the presentation of financial statements
A: The eight considerations are:1. Fair presentation and compliance with standards 2. Going concern 3.…
Q: Please see the info below. Describe 2 accrual transactions and 2 deferral transactions that your…
A: Accrual transaction refers to recording that in accounts that are not incurred but accrued, for…
Q: List out any five users of accounting information and discuss how accounting information help them…
A: User of Accounting Information are of two types: Internal Users: user who operate the organisation…
Q: t three (3) issues associated with the annual report and the broader area of financial reporting…
A: Financial reporting refers to the process of collecting and recording all the financial transactions…
Q: Please see the attached photos. Make the jo
A:
Q: Financial information have different group of users. Mention any six (6) groups of financial…
A: 1. Investor- for deciding whether to invest in the particular entity or not by analyzing the…
Q: Prepare journal entries to record the transactions for the current year.
A: Since yo have posted the question with multiple subpart, we will solve the first three subpart for…
Q: i. Outline any FIVE (5)Principles of Finance use in the business. ii. Enter the names of the…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Explain briefly the items generally included in a compa-ny’s annual report. (You may use the…
A: Company Annual reports include the following: Income statement Balance sheet Cash flows statement…
Q: Use the same information given in problem 1. Present the shareholders' equity section of the…
A: Memorandum Method: Authorized share capital = 300,000 * P20 = P6,000,000 (a) Cash…
Q: - Mention any four financial services which you avail from financial Institution.
A: Financial institution is an organization or a company which offers the services related to financial…
Q: Why are transactions recorded in the journal? Group of answer choices To ensure that total debit…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Lila Corentine is an aspiring entrepreneur and your friend. She is having difficulty understanding…
A: Definition: Financial statements: Financial statements are condensed summary of transactions…
Q: a. Current ratio b. Equity ratio C. Debt ratio
A: Ratio analysis means where different ratio of various years of years companies has been compared and…
Q: What are the three important Financial Statements? Explain the same with illustration and examples…
A: The three important financial statements are -
Q: Critically discuss FOUR problems caused by the accounting diversity for users of financial…
A: Efforts to eliminate accounting disparities across nations have been underway for more than three…
Q: Identify four other users of financial statements and explain their inf
A: The users of the financial information are the ones who read the financial statements of the company…
Q: Analyze the interrelationships among the four financial statements and enter the missing…
A: Income statement shows revenue earned less the expenses incurred by a business over a period of…
Q: E5.4B List five examples of items/events which need to be disclosed on the financial statements and…
A: Below are the five examples of the events or items which are disclosed on the financial statements…
Q: *(Element: Asset, Liability, Revenue, Expense, Equity) **(a link explaining this method of…
A: Journal entry is a way through which the transactions which are either the economic in nature or the…
Q: Name five important significant issues face the accounting profession and annual reporting
A: Following are the significant issues faced by the accounting profession and annual reporting
Q: Journalize the entries to record The declaration of the Dividend The issuance of the dividend
A: Dividend is the appropriation of profits of the company to its shareholders A Company declares…
Q: State six users of accounting information and explain how each uses the information
A: Accounting information includes financial statements produced by bookkeeping and accounting methods,…
Q: Describe three ways you would identify if a financial statement is a special purpose financial…
A: The reports that are prepared by the management of to represent the financial performance of a…
Q: Explain the five steps in journalizing and posting transactions.
A: Identify the accounts and the account type. You need this information before you can complete the…
Q: For each of the items listed in the table below, place an X in the column indicating the correct…
A: Cash : The liquid asset in the statement of financial position which includes the direct cash means…
Q: Describe five internal users of financial information and their information needs
A: Five of the internal users along with their information needs are explained in the next step.
Q: 20. The following details were extracted from the records of Mari Jose Cor. As of December 31, 2020.…
A: This statement shows income earned and expenses incurred during a particular time period. Net result…
Q2Select any five financial transactions of your choice and make
Step by step
Solved in 3 steps
- A compound journal entry involves Select one: a. four or more accounts. b. three or more accounts c. two accounts. d.three accounts.for accounting what journals do you do if you have 2 revaluation increments in a row?Using the General Journal image below, write 4 business transaction sentences in the table for four sets of journal entries.
- In the two-column general journal page below, each capital letter represents a part of a journal entry. Select the proper letter to the item in the list below to identify the proper part of the journal entry. GENERAL JOURNAL Page 1 GH I J O M K P N L 1. Ledger account number of account credited 2. Month 3. Explanation 4. Title of account debited 5. Year 6. Day of the month 7. Title of account credited 8. Amount of debit 9. Amount of credit 10. Ledger account number of account debitedHi, I need help assembling the following four journal entries. Thanks!What are the journal entries for the following 3 transactions?
- Journalize the transactions (filling the boxes) of John Daniel, M.D. Include an explanation with each entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)Prepare the journal entries for each of the above transactions (see attached picture)For each journal entry, select the corresponding transaction statement Journal Entry 1 Journal Entry 2 Journal Entry 3 Journal Entry 4 Journal Entry 5 Journal Entry 6 Journal Entry 7