Accounting in Action

Questions 2) Identify and describe the steps in account statement operative operation . a) Identification : Select economic events ( Transactions ) b) inscribeing : al-Quran , Classify & Summerizing c) Communication : Prepare accounting reports 3) a) Who are the close-fitting users of accounting information ? Internal Users : Management , Human Resources , redeem & Marketing . 5) Bookkeeping And Accounting are the same , Do you conform to ? Explain . I dont determine because the accounting process includes the bookkeeping Function . 7) What is the cointary unit precondition ? It included in the accounting records only transaction information that can be Expressed in terms of money . 8) What is the economical Entity Assumption ? It requires that activities of the entity be kept separate and unequivocal from the Activities of its proprietor and all the other economic entities . 11) What is the basic accounting comparison ? Assets = Liabilities + Owners Equity 12) a)Define the terms of assets , liabilities & possessors equity Assets : Resources a business owns , provide afterlife services or benefits corresponding cash , supplies , equipment , etcetera Liabilities : Claims against assets ( debts & obligations ) desire accounts payable .

Owners Equity : Ownership charter on impart assets like capital , drawing , etc. 13) Which of the followers items are liabilities of Stanley jewelry stores ? Accounts payable Brief Exercises BE1-1 disposed the acc ounting equation , upshot individually of ! the following questions . a)120,000$ + 232,000$ =352,000$ b)190,000$ - 80,000$ = 110,000$ c)800,000$ - 400,000$ = 400,000$ BE1-5 At the beginning of the year , Hernandez company had total assets of 800,000$ and total liabilities of 500,000$ , answer the following . a)950,000$ - 420,000$ = 530,000$ b)600,000$ - 460,000$ = 140,000$ c)720,000$ - 650,000$ = 70,000$ BE1-8 Classify each of the following items as possessors drawing , revenue or expense . a)...If you insufficiency to get a full essay, enact it on our website: BestEssayCheap.com

If you want to get a full essay, visit our page: cheap essay