Answered: Introduction. Need to explain what is…

Introduction. Need to explain what is accounting and why call accounting as the language of business. The important of accounting, accounting information, the users of accounting information.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter2: Introduction To Financial Statements

Section: Chapter Questions

Problem 9Q: What is the accounting equation? List two examples of business transactions, and explain how the...

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1.
Introduction. Need to explain what is accounting
and why call accounting as the language of
business. The important of accounting, accounting
information, the users of accounting information.

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Does every transaction affect both sides of the accounting equation? Explain your answer.
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List the three basic questions that must be answered when analyzing the effects of a business transaction on the accounting equation.
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PURPOSE OF ACCOUNTING Describe the kind of information needed by the users listed. Owners (present and future) Managers Creditors (present and future) Government agencies
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