Which one of the following is a characteristic of a valid business transaction? It is an event measurable in terms of money It affects the financial position of the business It should be supported by a source document All of the above

Q: 1. Define the term accounting and explain the importance of accounting in a business.

A: Hi Student, since there are multiple question so we will answer only 1st question, if you want…

Q: Which of the following accounting concepts considers the investment made by the owner in the…

A: Accounting Principles are the rules and guidelines to be followed by a business while preparing and…

Q: Explain what a business transaction is and provide two examples of a business transaction affecting…

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Q: he economic resources that a business owns and expects to be useful to deliver its purpose are known…

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Q: 1. Besides earning a profit, what other objectives might a business have? How can Accounting play an…

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Q: What is the purpose of financial accounting? List at least three and explain why they are…

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

Q: Which among the following statements is prepared to know the financial position of the business? a.…

A: Option d is correct. Statement  Shows Income statement  Financial performance of company…

Q: I. Direction: Identify what describes the following statement. Write your answer on the blank before…

A: ____________________1. It pertains to the state of one’s personal monetary…

Q: If you were assessing the value of a business which two factors would you take into account and in…

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Q: Financial accounting serves which primary function(s)?  a. Measures business activities. b.…

A: Financial accounting is a branch of accounting which deals into summarisation, analysis and…

Q: Choose the letter of the best answer. Write the chosen letter on a separate sheet of paper. 1. These…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: According to which concept the owners are considered to be different from the business [A] Business…

A: Accounting concepts are the rules or assumptions that must be followed whil preparation of financial…

Q: MCQS: External reporting is the result of?     (a) Financial accounting     (b) Management…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: t, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows) are helpful to the…

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Q: One among the following are economic activities or events in the business that can be measured in…

A: Solution: Business calendar, business report and business data cannot be measured in terms of money,…

Q: A major focus of this course is the process of financial reporting.a. What is meant by the term…

A: Requirement a:

Q: For money to accrue to a business, it needs to: a.Have been earned by the business b.Have been…

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Q: Why is it necessary for accountants to assume that business entity will remain a going concern?

A: Introduction: The concept of a going concern is crucial to accounting. It presupposes that a…

Q: What is included in the financial section of a business plan?     a. the industry, business…

A: Financial section of the business represent the financial position of the firm now and what it will…

Q: Using the following categories, discuss the differences that exist between accounting for these…

A: Accounting is the process of recording financial transactions in a business. Accounting is the…

Q: The......of a business is the amount of income A-Revenue B-venture C-assest D-fund

A: A business is described as an organization or enterprising entity engaged in commercial,…

Q: Identify each of the following statements as related to either the objective (O) of financial…

A: Objectives of financial information is to provide information about profitability position,…

Q: Which of the following statements about an "account" is true? It is the art of recording,…

A: Accounting is the process of recording the transactions in the books of accounts. Transactions are…

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A: In financial management there basically three decision in response to financial objective of wealth…

Q: What is the business activity that's occurring for the customer? Describe the transaction in…

A: Companies sometimes issue cheques for the Payment of certain expenses and to the Payment of their…

Q: Why is Accounting Entity Concept an important principle of accounting that a business should follow…

A: The accounting entity concept separates the owners and business entity. They both treated as…

Q: Which of the following states that the business should use the same accounting methods from period…

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

Q: Direction: Identify what describes the following statement. Write your answer on the blank before…

A: Ratio analysis: Line-item data from a company's financial statements is compared  to  understand…

Q: Which is the last step of accounting as a process of information? Select one: a. Recording the…

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

Q: 1. When did the business call accountable? 1. Business Activities are accountable when they are…

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Q: One of the following attributes in respect of accounting transactions is not correct: O a.…

A: Accounting transactions indicate the system of recording events having a monetary value that have…

Q: Using the following categories, discuss the differences that exist between accounting for these…

A: Accounting is the process of defining, assessing, and reporting transactions to oversight…

Q: 1.  Which of the following was the first private sector entity that set accounting standards in the…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Show how the below transactions affect the financial position of the business as represented by A =…

A: As per accounting equation of the business, total assets must be equal to total liabilities and…

Q: What requirement is imposed by the double-entry system in the recording of any business transaction?

A: “Since you have posted multiple questions, we will solve the first question for you. To get the…

Q: What information is made available about the business in the following financial statements: a.…

A: A compilation of summaries of a company's monetary results, financial position, and cash flows is…

Q: Do you agree with the following statement: "Accounting is essential to the success of a business?"?"…

A: Introduction Accounting is the process of documenting corporate financial transactions. It is the…

Q: Accounting term

A: Option a is wrong because business assets may not be same with business profits and losses. Option b…

Q: Essay - cite sources: Besides earning a profit, what other objectives might a business have? How…

A: Profitable businesses sometimes go under because they don't remain competitive or advance with the…

Q: Think about the accounting equation: Assets = Liabilities + Equity and the extended accounting…

A: All the transactions of the company that are happened during the year will be recorded first in the…

Q: When did the business call accountable? 1. Business Activities are accountable when they are called…

A: The business calls accountable when business activities are the business transactions and business…

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…