Distinguish between financial and nonfinancial transactions. Give three examples of each.

Q: Draw a figure showing the five parts of the Financial System and explain them in detail

A: The figure is drawn below:

Q: Classify each of the following items as assets (A), liabilities (L), or equity (EQ). Accounts…

A: Assets: These are the resources owned and controlled by business and used to produce benefits for…

Q: Going from general to specific, what are the three primaryobjectives of financial accounting…

A: Financial Accounting is the process by which an organization's revenue, receivables and expenses are…

Q: What are the three main ways to analyze financial statements?

A: Financial Statement Analysis: It is an evaluation process where the financial statements of a…

Q: In respect to financial accounts, what do you understand by "materiality?" Also, name two variables…

A: Here is the Answer :

Q: Define receivables & explain its the classification in the statement of financial position

A: Current asset: It can be defined as an asset that is having the potential to be converted into money…

Q: Discuss the inter-relationship of the financial statements.

A: Meaning of Financial Statements Financial Statements consists of income statement, Profit and loss…

Q: (a)Explain, using practical example the effect of accruals figures on the preparation of a…

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

Q: Give any four examples of Provision and Reserves with regards to accounting  concepts?

A: Provision is an term used in accounting in which an amount was estimated to be happen in future…

Q: Briefly explain the difference between cash accounting and accrual accounting. State two examples…

A: Cash Accounting: A form of accounting in which receipts are reported during the period in which they…

Q: What are the four basic assumptions that underlie the financial accounting structure?

A: Financial accounting structure: A system that records, maintains, and creates reports for the…

Q: Describe three examples of financing activities, and identify whether each of them represents cash…

A: Financing activities means those activities which is related with long term loans or shareholder…

Q: List any three objectives of financial statements?

A: Objectives of financial statements: The objective of financial statement is to enable the various…

Q: Enumerate and explain briefly the four Characteristics of Money.

A: Characteristics of money1. Durability2. Portability3. Divisibility4. Uniformity5. Limited Supply6.…

Q: Explain which transactions are reported as operating activities, investing activities and financing…

A: Statement of cash flows:  The statement of cash flows indicates the amount of cash earned and spent…

Q: What are the two primary functions of financial accounting?

A: Financial accounting is that field of accounting in which all financial transactions are recorded in…

Q: Financial intermediaries provide which of the following?

A: Financial Intermediaries: They are intermediaries or middlemen between the two parties for financial…

Q: Identify transactions that are classified as financing activities.

A: Definition:   Statement of cash flows: This statement reports all the cash transactions which are…

Q: What are the accounts in which capital and debts are monitored and which pay the remainder? A) Cost…

A: What are the accounts in which capital and debts are monitored and which pay the remainder?

Q: economic

A: There are different factors affecting financial activities such as economic, political, etc.…

Q: Finance consists of three interrelated areas. List and explain them.

A: Finance is the process of channeling money and investments from savers and investors in the economy…

Q: four risks that are inherent to financial transactions

A: There are mainly four types of risk inherent to financial transactions and they are: Market Risk:…

Q: There are four types of credit market instruments.  Please discuss each in terms of type as well as…

A: Four types of credit market instruments are: Simple loan. Fixed payment loan. Coupon bond. Discount…

Q: Identify 3 uses of financial data and how they impact reimbursement,   planning, and forecasting.

A: The company would be considering the evaluation process first for the purpose of accurate…

Q: To what extent are you familiar with financial statements and their interrelationships? Explain

A: This question explains about  the financial statements and interrelationships

Q: Name some of the various types of financial intermediaries described in the chapter and indicate…

A: Financial intermediary: It is a company which acts a broker in financial transactions between two…

Q: Classify each transaction whether it is a non-cash, operating, investing or financing activity.

A: Operating Activity-It refers to those activities directly related to the normal course of business…

Q: - Mention any four financial services which you avail from financial Institution.

A: Financial institution is an organization or a company which offers the services related to financial…

Q: Why aren’t transactions involving accounts payable considered to be financing activities?

A: Answer: Accounts payable is current liability which is used in computing working capital, excess of…

Q: Accounting Write two types of financial institutions and explain about them?

A: Explanation of Concept Financial institution are the company which provide the financial services…

Q: What are the three basic business activities that financial accounting seeks to measure and…

A:

Q: What are financial accounting's two main functions?

A: The answer:

Q: Define a financial instrument. Provide three examples of current liabilities that represent…

A:

Q: Identify the relationship between money, credit?

A: Money is considered as the financial medium exchanged between parties that enable the transaction.…

Q: describe the three ways you would identify if a financial statement is a special purpose financial…

A: The reports that are prepared by the management of to represent the financial performance of a…

Q: Define account payable

A: As the term suggests, accounts payables is the sum of money to be paid in the near future. It is a…

Q: Identify the five uses of free cash flow and how these uses arerelated to a financial plan.

A: Financial plan is the plan which is prepared to plan the future investments by a person. This plan…

Q: Describe the three important functions of the financial system, namely: a. Risk sharing; b.…

A: Introduction Financial system: Financial system is the system which consists of financial services…

Q: List and describe thedifferent types of financial intermediaries

A: Step 1: Introduction Financial Intermediary: An entity that acts as a link between the lender and…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.