Accounting in Action

Questions 2) Identify and describe the travel in bill working(a) operation . a) Identification : involve frugal events ( Transactions ) b) inscribeing : usher , Classify & Summerizing c) Communication : civilize accountancy reports 3) a) Who are the close users of accounting information ? internecine Users : Management , Human Resources , kick in & Marketing . 5) Bookkeeping And bill are the same , Do you conform to ? Explain . I dont harbor because the accounting process includes the bookkeeping Function . 7) What is the moneytary unit arrogance ? It included in the accounting records only transaction selective information that can be Expressed in terms of money . 8) What is the frugal Entity Assumption ? It requires that activities of the entity be kept separate and distinct from the Activities of its owner and all the other economic entities . 11) What is the basic accounting compare ? Assets = Liabilities + Owners fairness 12) a)Define the terms of assets , liabilities & owners equity Assets : Resources a business owns , allow future services or benefits corresponding cash , supplies , equipment , etc. Liabilities : Claims against assets ( debts & obligations ) the ilks of accounts collectable .

Owners Equity : Ownership train 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 Given the accounting equation , answer one after another of the sideline 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 base of the year , Hernandez company had primitive assets of 800,000$ and total liabilities of 500,000$ , answer the followers . 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 owners drawing , revenue or expense . a)...If you want to snuff it a full essay, enact it on our website: Ordercustompaper.com

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