ACCT 2301 FD>CUSTOM<
ACCT 2301 FD>CUSTOM<
LATEST Edition
ISBN: 9781323843376
Author: Pearson
Publisher: Pearson Custom Publishing
Question
Chapter 1, Problem 1.2SE
To determine

Accounting: Accounting refers to the information system, where the economic activities of a business entity are measured, and converted into reports, that are communicated to its users, for taking informed decisions.

To Determine: The organizations that govern accounting.

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Question 1 In the table below are a number of business needs/activities. Determine the roles and responsibilities of the following members of the accounting and bookkeeping profession by placing an “x” in the box representing who would be responsible for carrying out each task. Note that for some roles there may be more than one correct response. Business Needs/Activities The business’ Accountant The business’ Bookkeeper/Accounts clerk Registered BAS Agent Registered Tax Agent Other Perform petty cash and bank functions           Prepare depreciation schedule           Audit of the company annual financial reports           Accounts receivable and payable functions           Provide financial planning advice to the organisation           Prepare and lodge ASIC forms           Payroll functions           Advise on complex IT solutions for the organisation…
Interpretation of Account is the Select one: a. To know the causes for the prevailing performance of business b. All of the correct answer c. To know financial strengths and weaknesses of a business d. Art and science of translating the figures         Government agency gives a CPA certificate to an accountant after he passes a series of rigorous examinations administered by the Board of Accountancy (BOA). Select one: a. School Registrar b. Civil Service Commission c. BIR d. { e. PRC         Which of the following is a mechanical aspect of accounting? Select one: a. Preparation of a financial budget b. Designing the accounting system c. Analyzing the transactions preparatory to the recording process. d. Reviewing the effectiveness of the internal control procedures
Which of the following statements is/are true?I. The listing of all of the accounts available for use in a company's accounting system is known as the General Ledger.II. The term associated with "left" or "left-side" is Credit.III. The basic accounting equation is Assets + Liabilities = Capital.IV. The accounting equation should remain in balance because every transaction affects only two accounts.V. The Accounting Cycle represents the steps or accounting procedures normally used by entities to record transactions and prepare financial statement. It implements the accounting process.VI. A corporation's net income and distributions to stakeholders are eventually recorded in the income summary.   a. I, V, VI b. II, IV, V, VI c. I, V d. V

Chapter 1 Solutions

ACCT 2301 FD>CUSTOM<

Ch. 1 - Assume Global Cleaning Service had net income of...Ch. 1 - What is accounting?Ch. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 8RQCh. 1 - Prob. 9RQCh. 1 - Which concept states that accounting information...Ch. 1 - Financial statements in the United States are...Ch. 1 - Prob. 12RQCh. 1 - Prob. 13RQCh. 1 - Prob. 14RQCh. 1 - Prob. 15RQCh. 1 - Prob. 16RQCh. 1 - List the four financial statements. Briefly...Ch. 1 - What is the calculation for return on assets...Ch. 1 - Identifying users of accounting information For...Ch. 1 - Prob. 1.2SECh. 1 - Prob. 1.3SECh. 1 - Prob. 1.4SECh. 1 - Applying accounting assumptions and principles...Ch. 1 - S1-6 Using the accounting equation Thompson...Ch. 1 - Prob. 1.7SECh. 1 - Identifying accounts Consider the following...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Identifying accounts on the financial statements...Ch. 1 - Use the following information to answer Short...Ch. 1 - Prob. 1.13SECh. 1 - Prob. 1.14SECh. 1 - Prob. 1.15SECh. 1 - Prob. 1.16SECh. 1 - Prob. 1.17ECh. 1 - Prob. 1.18ECh. 1 - Prob. 1.19ECh. 1 - Prob. 1.20ECh. 1 - Prob. 1.21ECh. 1 - Prob. 1.22ECh. 1 - E1-23 Using the accounting equation During 2018,...Ch. 1 - Prob. 1.24ECh. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Prob. 1.28ECh. 1 - E1-29 Using the accounting equation to analyze...Ch. 1 - Preparing the financial statements Estella Osage...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Prob. 1.33ECh. 1 - Prob. 1.34ECh. 1 - Use the following information to answer Exercises...Ch. 1 - Prob. 1.36ECh. 1 - Preparing the statement of cash flows For each...Ch. 1 - Prob. 1.38ECh. 1 - E1-39 Calculating Return on Assets Alice Appliance...Ch. 1 - P1-40A Using the accounting equation for...Ch. 1 - P1-41A Using the accounting equation for...Ch. 1 - P1-42A Preparing financial statements Presented...Ch. 1 - P1-43A Preparing financial statements Picture...Ch. 1 - Prob. 1.44APCh. 1 - Prob. 1.45APCh. 1 - Prob. 1.46APCh. 1 - Prob. 1.47BPCh. 1 - P1-48B Using the accounting equation for...Ch. 1 - Prob. 1.49BPCh. 1 - Prob. 1.50BPCh. 1 - P1-51B Preparing financial statements The...Ch. 1 - Prob. 1.52BPCh. 1 - P1-53B Using the accounting equation for...Ch. 1 - P1-55 Using the accounting equation for...Ch. 1 - Prob. 1.1TICh. 1 - Lets examine a case using Gregs Tunes and Sals...Ch. 1 - The tobacco companies have paid billions because...Ch. 1 - Prob. 1.1FCCh. 1 - > Financial Statement Case 1-1 This and similar...
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  • Private accounting as a sub-discipline of accounting, includes: Select one: a. Tax consultancy b. Management accounting c. Management advisory services d. External auditing         Person who manages all of a firm's accounting activities. Select one: a. Controller b. Accounting staff c. Payroll manager         The basic function of financial accounting is to Select one: a. Record all business transactions b. Interpret financial data c. Assist the management in performing functions effectively d. No correct answer
    Which of the following is a mechanical aspect of accounting? Select one: a. Analyzing the transactions preparatory to the recording process b. Designing the accounting system c. Reviewing the effectiveness of the internal control procedures d. Preparation of the financial budget         Which of the following statement is not true? Select one: a. A non-accounting graduate may work as a bookkeeper or accountant of a business enterprise. b. A non-CPA may be engaged in public accounting. c. To be a good accountant, one must have mastery of mathematics. d. A non-CPA may be the chief accountant of a business enterprise.         The area of accounting that relates to providing audit, tax, and consulting services to clients. Select one: a. General managers b. Public accounting c. Incorporators d. Private accounting
    Hi. Can you please ask me with the below? Discuss the two main branches of accounting and explain the differences between financial accounting and management accounting. Explain the main user groups of each branch of accounting and describe the interest of each of the user group in a company’s financial statements. Thanks
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