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Description: Define Accounting and its importance in the field of business.Define owner’s equity and how it is affected by investment, expenses, revenue and drawing? Define double entry system?

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Accounting

Define Accounting and its importance in the field of business.Define owner’s equity and how it is affected by investment, expenses, revenue and drawing? Define double entry system?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 3EA: Define each of these users of accounting information as an internal user of external user Management...

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How do revenues and expenses affect the accounting equation?
Define each of these users of accounting information as an internal user of external user Management Employees Investors Creditors Customers Tax authorities
Discuss what information would be most useful for these users of accounting information: Management Employees Investors Creditors Customers Tax authorities
Which of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principle
Explain how the following items affect equity: revenue, expenses, investments by owners, and distributions to owners.
Explain how the accounting equation organizes financial information using T-accounts and debits and credits.
PURPOSE OF ACCOUNTING Describe the kind of information needed by the users listed. Owners (present and future) Managers Creditors (present and future) Government agencies