Ledgers help to organize accounting information into categories normally known as ‘’classes’’. With examples explain the nature and differences between revenue and capital ledgers. Using two revenue and capital ledgers, explain how you will treat them in the trial balance

Q: Briefly Explain the 5 Fundamental Principles of an Accounting Information Systems Measurement…

A: Principles of an Accounting Information Systems: These are the set and standard which has to be…

Q: Answer the following: Question One: State the accounting equation and define its components with…

A: Accounting refers to the process of recording, processing and eventual communication of financial…

Q: Which of the following statements are true? An accounting Conceptual Framework: (i) Sets out who the…

A: A conceptual framework can be defined as a system of ideas and objectives that lead to the creation…

Q: to be useful, accounting information should be presented using

A: The company will record each and every day to day transactions happened during the operations of the…

Q: analyze the transaction using the accounting equation,

A: The company's assets are the valuable resources it controls. Their obligations are represented by…

Q: information would include ........ .

A: External users are people outsidebusiness entity who use accounting information.external users are…

Q: Write short notes on the following accounting principles with proper example.  A) cost principle?…

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

Q: Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption,…

A: “As only one item is given in the question, it is assumed this particular answer is asked by the…

Q: The revenue recognition principle dictates that revenue should be recognized in the accounting…

A: Revenue recognition principle says the revenues should be recorded only when the goods are sold or…

Q: There are various users of accounting information. Identify any three and explain how they benefit…

A: The accounting information is crucial for businesses because it helps in the determination of the…

Q: What are some of the processes in accounting such as the accounting equation, the ledger general,…

A: Process is the action point in accounting where the raw data is provided by different sources and…

Q: describe the fl ow of information in an accounting system

A:

Q: Explain what it means to manage, define accounting, and discuss the nature and purpose of…

A: Introduction: Accounting is concerned mainly with recognizing, documenting, measuring, and…

Q: andardization means eliminating all accounting alternatives to process financial transaction

A: Standardization: Standardization can be defined as a process of setting up the most significant…

Q: differentiate internal user from external user of accounting information

A: Accounting is the detailed process of recording, classifying, summarising and reporting accounting…

Q: ‘An accounting report is essential a report which must be able to fulfilcertain basic criteria ‘…

A: Report can be define as when a data is processed properly than it become information and when such…

Q: An accounting policy is

A: Accounting policy are not judgement applied to record a transaction. Accounting estimates are…

Q: What are different types of accounting information?

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

Q: which internal users need the accounting information

A: Accounting information data is the data that emerges from business exchanges. When distinguished,…

Q: Users of accounting information can be identified as internal and external users. List two of users…

A: The 4 financial statement A balance sheet is a financial statement that represents the financial…

Q: State two users of accounting information and what type of information they need.

A: There are various users of accounting information.

Q: Why is accounting referred to be an information system? Explain with an example from your own point…

A: Information system is a system which is designed to collect, store and process information for the…

Q: In history's accounting practise, what function does an Accounting Information System play?

A: Accounting information system (AIS) is a collective mechanism wherein information or data related to…

Q: Financial accounting is the area of accounting aimed at serving __________ by providing them with…

A: Financial accounting helps in preparing financial statements like Statement of Income, balance sheet…

Q: The duality of effects can best be described as follows:a. When a transaction is recorded in the…

A:

Q: Explain in brief the term ‘Accounting’ and give any two differences between bookkeeping and…

A: The term Book keeping and Accounting are often used interchangeably but this two are not synonymous.…

Q: What does an effective accounting information system provide?

A: Accounting Information Systems:

Q: Identify in what ledger (general or subsidiary or both) each of the following accounts is shown.…

A: The accounts whose detailes can be provided in subparts are shown in subsidiary ledgers whereas all…

Q: Explanation of double entry accounting and its relationship to pertinent accounting concepts

A: The notion of double-entry is critical in the accounting system since it allows for more accurate…

Q: W

A: According to AICPA, "accounting is an art of recording, classifying, summarizing in a significant…

Q: Each external transaction will have a dual effect on the accounting equation. Explain what this…

A:

Q: basically about debit and credit, explain in detail using two accounts, how the golden rule of…

A: Accounting Accounting is used to keep the records of bussiness transaction up to date in the process…

Q: Define accounting and describe the different uses of accounting information

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

Q: Identify four kinds of external users and describe how they use accounting information.

A: External users of accounting information are those users which are from outside the organization and…

Q: Illustrate the importance of the flow of information in accounting?

A: The importance of flow of information in accounting is of very high significance. The information…

Q: dentify TWO external users of accounting information and explain how that accounting information…

A: Financial statement means the statement including income statement , balance sheet , cash flow…

Q: This is a question from the Accounting Information Systems by James Hall. What is a source document?…

A: Source Document is considered as a supporting document for all the accounting transactions which…

Q: The users of accounting information can be classified into internal and external users. Clearly…

A: Accounting information is the information related to the concepts of accounting which are to be used…

Q: Explain the different accounting concepts and conventions with examples

A: Accounting Concepts and Conventions exist to serve the basic objective of accounting, i.e, to…

Q: In the accounting book-keeping process, what is the difference between the general journal and the…

A: General Journal The purpose of preparing the general journal entry which is the transaction which…

Q: Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption, or…

A: Accounting assumptions :      As the name suggests, these are the assumptions to be considered by…