What is the accounting equation? Which financial statement reports the accounting equation

Q: Which one of the following statements is not correct regarding financial accounting and management…

A: Financial Accounting - This is a branch of accounting under which business transactions are recorded…

Q: which statement about users of accounting information is incorrect?   Question 4 options:…

A: The persons who work within a company and use financial data are known as the Internal users.…

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: unting deals with quantifiable information. Select one: a. True b. False         2. Choose the…

A: Accounting is the concept that collects and evaluates quantitative information about the various…

Q: Explain double entry in accounting and relate it to appropriate accounting concept.

A: Double Entry Accounting system In simple term double entry accounting to record the transaction in…

Q: Which function of accounting is investigating the meaning of the information in the reports and the…

A: Analyzing: Under this function of accounting includes line-by-line inspections that break down…

Q: accounting cycle is the preparation of the financial

A: Financial statements: Financial statements are a collection of statements that convey to interested…

Q: Which of the following is NOT related to accounting? O a. Management accounting O b. Financial…

A: Accounting:- Accounting includes recording of business transactions. Professional accountants…

Q: Every business transaction is recorded by a debit to a balance sheet account and a credit to an…

A: Journal Entries: Journal entries are the first step in the accounting cycle. Journal entries are the…

Q: Question: Identify the given statement is 'True or False'. The balance sheet is based on the…

A: Introduction: A balance sheet is a statement that shows the assets and liabilities of a corporation…

Q: y available information.Accounting information is not useful unless it confirms previously available…

A: Accounting information is general purpose and should be designed to serve the information needs of…

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: What is accounting? Explain and discuss the accounting standards and assumptions.

A: Accounting is the process of identifying, recording, summarizing, analyzing, interpretation and…

Q: Which of the following statements is incorrect? Group of answer choices A. The accounting equation…

A: Solution: Following statements are correct:   1. The accounting equation must always remain in…

Q: Why are traditional accounting events,

A: Answer:

Q: Describe a situation in which you may use accounting as a non-accountant

A: This question tells about a situation in which you may use accounting as a non-accountant.

Q: All of the following is not correct about financial Accounting except: a. None of the given…

A: Financial accounting is the method of systematically tracking business transactions in the…

Q: What is Accounting? Bookkeeping vs. Accounting Purpose of Accounting Generally Accepted Accounting…

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: Name the various types of Accounting Select one: a. none of the above b. Financial Accounting c.…

A: Accounting means a process of identifying, classifying, summarising, analysing and preparing…

Q: Discuss the fact that your trial balance agree does not mean that there are no errors

A: "Since you have asked multiple questions, we will solve only first question for you. If you want any…

Q: The following branch of accounting does not follow the rule of double entry system. a. Financial…

A: Solution: Only financial accounting branch mandatorily follow rule of double entry system.

Q: what are accounting principles?

A: Accounting principles are a set of rules and regulations that should be followed when reporting the…

Q: What is accounting explain briefly?

A: Accounting is a broad term and it also has many branches like Cost accounting, Management…

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: What exactly is accounting? Describe and debate the accounting standards and assumptions

A: SOLUTION-   MEANING OF ACCOUNTING - IT IS A PROCESS OF RECORDING , SUMMARIZING ,ANALYZING AND…

Q: me statement represents the basic accounting equation. True or false?

A: Solution: Basic accounting equation is that Assets are equal to the sum of Liabilities + equity.…

Q: Simply explain the recording process and the accounting equation to someone who has no accounting…

A: Recording Process: Every individual performs some kind of economic activity (Even House-wives).These…

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: ẩẩẩjhe accounting equation is always affected by business transactions True False

A: Accounting equation consist of 3 parts . Assets Liabilities and owners equity The equation has two…

Q: Question 2 the lender is one of the users of accounting information consider an internal decision…

A: The organization needs to prepare a reliable financial statement for the users of the financial…

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: Accounting Which one below is not an area on which financial statement auditors provide an opinion?…

A: Auditor analyse the financial statement of company and States weather the books of accounts are…

Q: Define and explain the accounting treatment of the following items:  Change in accounting estimate…

A: The accounting treatment for change in the accounting estimate is as follows:    Accountants make…

Q: Which of the following is in accordance with generally accepted accounting principles? Select one:…

A: Generally accepted accounting principles improves the clarity,  consistency and communication of the…

Q: What is accounting? Explain and debate the accounting rules and assumptions.

A: Introduction : Accounting is the process of recognizing, documenting, summarizing, analyzing,…

Q: What are the two situations when management should not prepare financial statements using the going…

A: A going concern basis is a principle under which it is assumed that the company will continue its…

Q: Which of the following is NOT related to accounting? O a. Management accounting O b. Financial…

A: Accounting:- Accounting includes recording of business transactions. Under accounting, the…

Q: Which of the following statement is false? 1.Financial Accounting is optional. 2.Management…

A: Financial statements are the reports that are prepared in order to indicate the financial position…

Q: Financial accounting data prepared in accordance with GAAP. But management accounting don’t follow…

A: The answer for the theory question on Financial Accounting vs Management Accounting is presented…

Q: a) The fact that your trial balance agree does not mean that there are no errors. b) Accounting…

A: a) Near agreement of trial, balance does not mean that there are no errors. There are some errors…

Q: What's the difference between credit and debit in accounting terms

A: There are three golden principal of accounting.

Q: Which of the following are not included in the external users of accounting nformation? O a. Tax…

A: There are two types of users of accounting information. Internal users  External users.

Q: Describe how changes in accounting principle typically are reported.

A: A change in an accounting principle is a change in a method used, such as using a different…

Q: Which of the following branches of accounting is the original form of accounting? a. Financial…

A: The branches of accounting are 1 Financial accounting 2 Cost accounting 3. Management accounting…

Q: In accounting it’s important to understand that there may be events that occur that are not business…

A: Accounting equation is referred to the first step of an accounting cycle. It represents that the…