Answered: Financial accounting shows the result…

Business

Accounting

Financial accounting shows the result of the collective activities of the business. Select one: O True Ealse

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter2: Introduction To Financial Statements

Section: Chapter Questions

Problem 5Q: Explain the concept of equity, and identify some activities that affect equity of a business.

See similar textbooks

Related questions

Q: The objective of financial accounting information is to provide information about the business…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: 1. Define the term accounting and explain the importance of accounting in a business.

A: Hi Student, since there are multiple question so we will answer only 1st question, if you want…

Q: Focus on individual part or segment of business” explain this statement according to management…

A: Segmentation in a business can be done in a various ways like geographically, product wise, areas of…

Q: o use the reformulation of financial statements to discuss the firm’s strategy for running the…

A: Financial statement A financial statement refers to those which are prepared in order to ascertain a…

Q: Which of the following is an internal user of a company’s financial information? a. board of…

A: Internal users of the company's financial information refer to the people who manage the daily…

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: he statement of profit or loss and other comprehensive income shows_______. Select one: a. the…

A: The purpose of the statement of profit or loss and other comprehensive income (OCI) is to show an…

Q: Costs directly attributable to a business combination include O general administrative costs. O…

A: business combination means nothing but bringing two separate entities or businesses into one…

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: What is financial reporting and write the types of reports prepared in business organisation?

A: Financial reports are the reports that to be made available to the stakeholders/public by providing…

Q: Which of the following factors should influence business and accounting decisions?a. Economicb.…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Which accounting system supports decision-making in the business? O a. Personal accounting O b. Cost…

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

Q: Distinguish and explain how and why accounting is the business language.

A: Introduction: Financial accounting is the process of recording a company's financial transactions…

Q: What is the importance of financial statements in business? Mention what each financial statement…

A: Financial statements are imperative since they contain imperative data around the monetary wellbeing…

Q: According to which concept the owners are considered to be different from the business [A] Business…

A: Accounting concepts are the rules or assumptions that must be followed whil preparation of financial…

Q: The resources owned by a business are called:A. assets.B. liabilities.C. the accounting equation.D.…

A: To run a business many type of resources are needed. These can be in form of cash or in form of…

Q: What precisely distinguishes accounting from business admin

A: Accounting: It is the process of recording any financial transactions incurred in the financial year…

Q: The statement of financial position is a financial statement that shows both the gross profit and…

A: The statement of Financial Position shows what a company owns and what a company owes to the…

Q: What role does accounting play in a business?

A: Ans. Accounting has a very crucial role to play in business. Accounting is the process of…

Q: MCQS: External reporting is the result of? (a) Financial accounting (b) Management…

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

Q: how does business owners can use the statement of profit and loss or income statement and balance…

A: The business needs a variety of financial statements to function in the business society. The…

Q: What is the most important item that included in the notes to the financial statements? O a.…

A: Accounting principles means those set of standards which is followed while preparing the books of…

Q: Do you agree with the following statement: "Accounting is vital to the success of a business?"…

A: Accounting refers to the process of recording the financial transactions related to the business .…

Q: Write examples of each kind of business activity: (a) operating, (b) investing, and (c) financing.

A: Cash flow statement is a statement which is prepared to find out the cash comes in and goes out , by…

Q: For money to accrue to a business, it needs to: a.Have been earned by the business b.Have been…

A: As per revenue recognition principles, if a company follows accrual method of accounting then…

Q: Explain the effect of operating profitably on the balance sheet of a business entity.

Q: What are the goals of financial accounting? Enumerate at least three and discuss why they are…

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

Q: e business activities

A: The financial statement is the major in accounting.

Q: hat are the three types of financial management decisions? For each type of decision give an example…

A: In financial management there basically three decision in response to financial objective of wealth…

Q: Divide into groups as instructed by your professor and discuss the following:a. How does the…

A: a.

Q: How distinguishes business administration form accounting

A: Accounting: It is the process of recording any financial transactions incurred in the financial year…

Q: What are the three basic business activities that financial accounting seeks to measure and…

Q: A concept of accounting that indicates that the financial records of the business should be kept…

A: Business: A business is an organization entirely made for earning profits or for fulfilling social…

Q: Match the transaction to the basis of accounting used by the business

A: Accounting: Accounting is the method of recording money transactions relating a business. The…

Q: An economic event or condition that directly changes the financial condition of the company or…

A: A company is a kind of business entity that runs its business operations in order to earn income.

Q: financial statements in any business organization

A: Financial Statements of the company include income statements, balance sheets, and cash flow…

Q: How are financial statements used by business?

A: Answer: Introduction: Financial statements are nothing but detailed reports of a company, individual…

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: Using the following categories, discuss the differences that exist between accounting for these…

A: Accounting is the process of defining, assessing, and reporting transactions to oversight…

Q: Financial statements should reflect a true and fair view of the business. Explain in your own words…

A: Financial statements are the reports those are prepared by an organization to estimate the…

Q: Explain the accounting function of a business. What is the purpose of this function, and why is it…

A: Accounting responsibilities: Accounting functions may be divided into two categories: managerial…

Q: Do you agree with the following statement: "Accounting is essential to the success of a business?"?"…

A: Introduction Accounting is the process of documenting corporate financial transactions. It is the…

Q: Essay - cite sources: Besides earning a profit, what other objectives might a business have? How…

A: Profitable businesses sometimes go under because they don't remain competitive or advance with the…

Q: As per the accounting equation, equity can be represented as __________________. Excess of assets…

A: Accounting is the detailed process of book keeping. Under the first step of accounting, all…

Question

Financial accounting shows the result of the
collective activities of the business.
Select one:
O True
False

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The metrics based on financial numbers produced by the accounting system are ________. A. quantitative factors B. qualitative factors C. stakeholders D. stockholders
List the three basic questions that must be answered when analyzing the effects of a business transaction on the accounting equation.
ACCOUNTING PROCESS Match the following steps of the accounting process with their definitions. Analyzinga. Telling the results Recordingb. Looking at events that have taken place and thinking about how they affect the business Classifying Summarizingc. Deciding the importance of the various reports Reportingd. Aggregating many similar events to provide information that is easy to understand Interpretinge. Sorting and grouping like items together f. Entering financial information into the accounting system
Which of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principle
List the classification of each of the following accounts as A (asset), L (liability), OE (owners equity), R (revenue), or E (expense). Write Debit or Credit to indicate the increase side, the decrease side, and the normal balance side. PART 1: The Accounting Cycle for a Service Business: Analyzing Business Transactions
External users of financial accounting information include all of the following except ________. A. lenders such as bankers B. governmental agencies such as the IRS C. employees of a business D. potential investors
Which of the following use financial statement data to make decisions? a. customers c. suppliers b. investors d. all of these
That a business may only report activities on financial statements that are specifically related to company operations, not those activities that affect the owner personally, is known as which of the following? A. separate entity concept B. monetary measurement concept C. going concern assumption D. time period assumption
PURPOSE OF ACCOUNTING Match the following users with the information needed. 1. Ownersa. Whether the firm can pay its bills on time 2. Managersb. Detailed, up-to-date information to measure business performance (and plan for future operations) 3. Creditorsc. To determine taxes to be paid and whether other regulations are met 4. Government agenciesd. The firms current financial condition
According to Statement of Financial Accounting Concepts No. 8, to be relevant an earnings report is expected to have which of the following?
Which financial statement shows the financial position of the company? A. balance sheet B. statement of owners equity C. statement of cash flows D. income statement
What is the effect on the accounting equation when a business pays the balance due on accounts payable?