ng statements is not correct regarding financial accounting and Ecounting and management accounting involve the use of accoum counting needs to follow specific set of rules called accounting s ting reports need to be audited to verify their accuracy unliken o not need to be audited. counting information emphasize supporting decisions that affec
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- Problem 1-57B The Fundamental Accounting Equation Information for TTL Inc. is given below. Required: Use the relationships in the balance sheep income statement, and retained earnings statement to determine the missing values.Exercise 1-35 Accounting Concepts OBJECTIVE 06° A list of accounting concepts and related definitions is presented below. Concept Definition 1. Revenue a. Owners claim on the resources of a company 2, Expense b. The difference between revenues and expenses 3. Net income (1055) c. Increase in assets from the sale of goods or services 4, Dividend d. Economic resumes of a company 5. Asset e. Cost of assets consumed in the operation of a business 6, Liability f. Creditors' claims on the resources of a company 7. Stock holders, equity g. Distribution of earnings to stockholders Required: Match each of the concepts with its corresponding definition5. Accounting and bookkeeping are synonymous. Select one: a. True b. False 6. Which is the last step of accounting as a process of information? Select one: a. Preparation of financial statement b. Analysis and interpretation of information c. Recording the transaction d. Communication of information 7. Choose the correct statement Select one: a. Keeping systematic recording of business transaction is not the function of financial accounting b. Accounting is concerned with past as well as future events c. Accounting is concerned with monetary transactions d. Business and Businessman are one and the same from accounting point of view
- PLEASE SHOW SOLUTIONS IN GOOD ACCOUNTING FORM. a. 645,690 b. 88,627.50 c. 7,897.50 I ONLY NEED THE SOLUTIONS. THANK YOUQ19 Ms. Sabiha submitted the financial reports of the company in a theoretical form, whereas she needs to draft in to a tabular form showing proper statistics so that the report is immediately understood by the users. Which feature of useful financial information is neglected by Ms. Sabiha? a. Timeliness b. Relevance c. Comparability d. UnderstandabilityBE3.7 List the required steps in the accounting cycle sequence.LO7 The required steps in the accounting cycle are listed in random order below. List the steps in proper sequence. Journalise the transactions. Post to ledger accounts. Prepare a post-closing trial balance. Prepare an adjusted trial balance. Analyse business transactions. Journalise and post closing entries. Journalise and post adjusting entries. Prepare financial statements. Prepare a trial balance
- Multiple choice: 1. Which of the following statements regarding accounting is incorrect? A. All business transactions and events are recorded in the accounting books. B. Although bookkeeping and accounting are interrelated, they are not the same. C. A transaction or event is recorded in the accounting records only if it has an effect on the assets, liabilities, equity, income or expenses of the business. D. The purpose of accounting is to provide information that is useful in making economic decisions. 2. Sales revenue minus sales returns and allowances and sales discounts equals: A. Net sales B. Income from operations C. Gross margin D. Cost of goods sold1UWI Open CampusACCT 1002INTRODUCTION TOFINANCIAL ACCOUNTINGWorksheet 1Unit # 2 WorksheetFinancial Accounting Cycle- Part I1. The accounting equation is often described as being very important inaccounting. Explain the purpose of the accounting equation and state twodifferent forms or ways in which it can be written.2. Distinguish between assets and liabilities and provide three (3) examples ofeach to support your arguments.3. Distinguish between income and expenses and provide three (3) examples ofeach to support your arguments.4. Suppose a business receives a bill for services rendered from one of itssuppliers. The business will pay the supplier next month. When the businessreceives the bill from its supplier, explain how this affect the accounting equationin terms of increasing or decreasing assets, liabilities, or owner’s equity?5. Suppose equipment is sold for cash in an amount equal to the cost of theequipment recorded on the books. How does this sale affect the…Accounting 1010 Chapter2. provide the names of two (a) assets account. B liability accounts, C equity accounts. 2.what is the difference between a note payable and an account payable? Are debits or credits typically listed first in journal entries? Are the debits or the credit intended? should a transaction be recorded first in a journal or the ledger? If an incorrect amount is journalized and posted to the accounts, how the errors should be corrected? Identify the four financial statements of a business. What information is reported in a balance sheet? What information is reported in the income statement? Define, Asset, Liability, equity and net asset.
- EB2. LO 7.1The following information pertains to Crossroads Consulting, Inc. Match each of the following parts of Crossroad’s accounting information system in the left-hand column with the appropriate item(s) from the right-hand column. You may use items in the right-hand column more than once or not at all. There may be several answers for each item in the left-hand column. You may choose items in the right-hand column more than once. A. Source document i. Sales invoice from cleaning company B. Output device ii. Printed check to be mailed to phone company C. Input device iii. Dropbox (online storage) D. Data and information storage iv. Voice-to-text software E. Information processing v. QuickBooks Accounting Software vi. Keyboard vii. Printer viii. Bar code scanner ix. Computer screen x. Flash drive xi. Text scanner xii. Computing interest on a loan1. Identify the differences of Full PFRS from SMEs PFRS. Explain 2. Give at least 10 business transaction using full PFRS and SMEs PFRS and identifiable nature of business why you considered them to be using SMEs PFRS? 3. In cases of change in accounting policies on reporting, what would be your steps on the issue? 4. Using Full PFRS instead of SME’s PFRS in a business supposed to used SME’s PFRS was there a material effect on the presentations of financial position and financial operation? How? 5. Explain how many entities at present, outside the financial statements, reports and statements such as environmental reports and value-added statements, particularly in industries in which environmental factors are significant and when employees are regarded as an important user group where these reports and statements presented outside financial statements should be accounted for using applicable PFRS?Question in accounting.Answer the question if you know the correct answer otherwise i will give you multiple down votes 9783:hva er kassebok?