Evaluate the statement “accounting is all about numbers”.
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Evaluate the statement “accounting is all about numbers”. Using the definition of accounting to justify your answer in 250 words
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- Evaluate the statement “Accounting is all about numbers.”. Using the definition of accounting to justify your answer. (maximum 250 words)PLEASE SHOW SOLUTION IN GOOD ACCOUNTING FORM. ANSWER SHOULD BE 16,400.The accounting equation is often described as being very important in accounting. Explain the purpose of the accounting equation and state two different forms or ways in which it can be written. Distinguish between assets and liabilities and provide three (3) examples of each to support your arguments. Distinguish between income and expenses and provide three (3) examples of each to support your arguments. Suppose a business receives a bill for services rendered from one of its suppliers. The business will pay the supplier next month. When the business receives the bill from its supplier, explain how this affect the accounting equation in terms of increasing or decreasing assets, liabilities, or owner’s equity? Suppose equipment is sold for cash in an amount equal to the cost of the equipment recorded on the books. How does this sale affect the accounting equation in term of increasing or decreasing assets, liabilities or owner’s equity?
- Think about the accounting equation: Assets = Liabilities + Equity and the extended accounting equation which is Assets = Liabilities + Equity + Revenues - Expenses. If you had to provide an example to another person to depict the equation and how it is used in business, how would you? In addition, summarize the importance of the equality of the accounting equation.sing the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you calculate for beginning and ending equity to answer the rest of the questions. Assets Beginning of Year: $25,000 - $19,000 Liabilities End of Year: $60,000 - $25,000 1) What is the equity at the beginning of the year? Beginning Equity 6,000 2) What is the equity at the end of the year? Ending Equity 35,000 3) If the owner contributes $5,400 and the owner withdraws $38,500, how much is net income (loss)? Net Income (Loss) 62,100 This the answers I need help with but you need all of this to answer the questions 4 If net income is $3,400 and owner withdrawals are $8,900, how much did the owner contribute (owner, capital)? Owner, Capital 5) If the owner contributes $16,200 and net income is $19,800, how much did the owner withdraw (owner, withdrawals)? Owner, Withdrawals 6) If the owner contributes $43,600 and the owner withdraws $1,900, how much…Please answer the question in a 400 words of reflection incorporating the different principles in Accounting. Thank you so much!
- ANSWER IN GOOD ACCOUNTING FORM. THANK YOU!!! How much is net income?In 200-300 words , describe the importance and benefits of preparing accounts and implementing accounting policies as per GAAP (general accepted accounting principle)Question: Besides earning a profit, what other objectives might a business have? How can Accounting play an important role in these objectives? (minimum of 500 words)
- Please answer the question in a 400 words of reflection incorporating the different princples in Accounting Cycle. Thank you6.What is the fundamental accounting equation? 7.What are assets, liabilities, and owner’s equity? 8.What information does the balance sheet contain? 9.What information does the income statement contain? 10.What information does the statement of owner’s equity contain? 11.What information is shown in the heading of a financial statement? 12.Why does the third line of the headings differ on the balance sheet and the income statement"Define the following accounting terms and give examples to prove your answers. 1. Expenses 2. Revenues What information is made available about the business in the following financial statements: a. income statement b. capital statement c. balance sheet
