COLLEGE ACCOUNTING-ACCESS
4th Edition
ISBN: 9781259995064
Author: Haddock
Publisher: MCG
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Question
Chapter 1, Problem 2DQ
To determine
Describe the reasons to separate the business records and the records of the owners of the business.
To determine
Explain the term that is used by accountant regarding separation of personal and business records.
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2.Why is it important for business records to be separate from the records of the business’s owner or owners? What is the term accountants use to describe this separation of personal and business records?
A concept of accounting that indicates that the financial records of the business should be kept separate from the personal financial records of the business owner is the ________________________.
Group of answer choices
business entity concept
cost concept
proprietorship concept
asset concept
1.What types of people or organizations are interested in financial information about a firm, and why are they interested in this information?
2.Why is it important for business records to be separate from the records of the business’s owner or owners? What is the term accountants use to describe this separation of personal and business records?
3.What are the three types of business entities, and how do they differ?
4.What are the major functions or activities performed by accountants in private industry?
5.What is tax planning?
6.What types of services do public accountants provide?
Chapter 1 Solutions
COLLEGE ACCOUNTING-ACCESS
Ch. 1 - What are the names of three accounting job...Ch. 1 - Prob. 1.2SRQCh. 1 - What are financial statements?Ch. 1 - Prob. 1.4SRECh. 1 - Prob. 1.5SRECh. 1 - As the owner of a small business, you have decided...Ch. 1 - Prob. 2.1SRQCh. 1 - Prob. 2.2SRQCh. 1 - Prob. 2.3SRQCh. 1 - Prob. 2.4SRE
Ch. 1 - Prob. 2.5SRECh. 1 - Prob. 2.6SRECh. 1 - What is the purpose of accounting?Ch. 1 - What does the accounting process involve?Ch. 1 - Prob. 3CSRCh. 1 - Prob. 4CSRCh. 1 - Prob. 5CSRCh. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Prob. 4DQCh. 1 - What is tax planning?Ch. 1 - Prob. 6DQCh. 1 - What are the three major areas of accounting?Ch. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - Prob. 10DQCh. 1 - Prob. 11DQCh. 1 - Prob. 12DQCh. 1 - Which Type of Business Entity? Since graduating...Ch. 1 - Prob. 1MFCh. 1 - Prob. 2MFCh. 1 - Prob. 3MFCh. 1 - Prob. 4MFCh. 1 - Prob. 5MFCh. 1 - Prob. 6MFCh. 1 - Prob. 7MFCh. 1 - Prob. 8MFCh. 1 - Prob. 1EDCh. 1 - Prob. 1IC
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Similar questions
- Internal users of accounting information would not include _______________________. managers employees creditors officersarrow_forwardAccording to the business entity concept, nonbusiness assets and liabilities are not included in the businesss accounting records.arrow_forwardExplain the concept of double-entry bookkeeping in accounting and how it ensures accuracy and integrity in financial transactions. Provide an example to illustrate the application of double-entry bookkeeping in a simple business transaction.arrow_forward
- What is the purpose of financial accounting in business, and how does it differ from managerial accounting? What are the different types of financial statements that businesses prepare, and what information do they convey to different stakeholders?.arrow_forwardHow do business transactions affect the accounting records of a company?arrow_forwardHow does the time period assumption affect an accountant's analysis of business transactions ?arrow_forward
- Which of the following is not an external user of a business’s financial information? Taxing authorities Customers Employees Investorsarrow_forwardWhat is accounting? What type of information is provided by the accountants? How does an organization use accounting information?arrow_forwardWhat is the difference between accounting and business administration?arrow_forward
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