Accounting in Action

Questions 2) Identify and describe the steps in story surgical operation . a) Identification : Select economic events ( Transactions ) b) inscribeing : nature , Classify & Summerizing c) Communication : Prepare accounting reports 3) a) Who are the knowledgeable users of accounting information ? Internal Users : Management , Human Resources , correct & Marketing . 5) Bookkeeping And Accounting are the same , Do you conform to ? Explain . I dont tote up because the accounting process includes the bookkeeping Function . 7) What is the propertytary unit self-confidence ? It included in the accounting records only transaction selective 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 distinguishable 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 & owners equity Assets : Resources a business owns , provide prospective services or benefits corresponding cash , supplies , equipment , and so on Liabilities : Claims against assets ( debts & obligations ) handle accounts payable .

Owners Equity : Ownership require on impart assets like capital , drawing , etc. 13) Which of the followers items are liabilities of Stanley jewelry stores ? Accounts payable Brief Exercises BE 1-1 assumption the accounting equation , m! anage 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 owners drawing , revenue or expense . a)...If you lack to get a full essay, enact it on our website: OrderCustomPaper.com

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