In your surrounding search any two2 business and 2 non business organization need accounting. Also explain how with example
Q: Choose the term or phrase below that best completes each statement.a. Accounting c. Recording e.…
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Q: 1. IDENTIFYING AND ANALYZING business documents or transaction
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A: The accounting equation states that the asset equal to sum of liabilities and shareholders equity.
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- What is the accounting equation? List two examples of business transactions, and explain how the accounting equation would be impacted by these transactions.please assist with the folowing 1.There are various users of accounting information. Identify any three and explain howthey benefit from accounting information.2. Accounting plays an important role by providing answers to questions faced by theusers of accounting information. List three questions to which accounting informationprovides answers to (i.e. the uses of accounting information). 3. In your own words discuss the four functions of management.3 The major focus of accounting information is to facilitate decision making. (a) As an investor in a company, what would be your primary objective? As a manager of a company, what would be your primary objective? (c) Is the same accounting information likely to be equally useful to you in these two
- 1. What are the three functions of an accounting system? 2. What are the essential elements in decision making, and how does accounting fit into the process? 3. What types of personal decisions have required you to use accounting information? 4. What does the term "business" mean to you? 5. Why is accounting often referred to as the "language of business"? 6. In what ways are the needs of internal and external users of accounting information the same? In what ways are they different? 7. What does IFRS stand for? Who sets up the IFRS and are there many countries adopting IFRS? What is the advantage to adopt IFRS? 8. What are generally accepted accounting principles (GAAP)? What is the purpose of GAAP? Who currently develops and issues the U.S. GAAP? 9. Why is it important for financial statements and other external reports to be based on generally accepted accounting principles? 10. What are the respective roles of the Securities and Exchange Commission (SEC) and the Internal…Kindly help me in the step 1 of Accounting Cycle Show the following 1. IDENTIFYING AND ANALYZING business documents or transactionIdentify each of the following terms/phrases as either an accounting (a) principle, (b) assumption, or (c) constraint : __________ Business entity. _________Going-concern.
- Explain 3 areas that you would investigate pertaining to the current business climate, and can you explain in detail why each has an impact on financial operations.What are the 2 specific advantages of Accounting Information Systems (AIS) to ease accountants in preparing financial statements.1. Name some users of accounting information. A group of users can be Business owners, managers, directors, suppliers, investors, among others.
- how do the advanced technologies have impact on the accounting function of acompany? (500 words)1. Why is accounting important in understanding the business world? 2. What are the different forms of business organization?List three strategies of developing accounting information system. Explain any two (2) threats faced for each of the strategies.