Each external transaction will have a dual effect on the accounting equation. Explain what this means.

Q: Why is accounting a service activity and also a process or system?

A: Accounting is adopted by every business irrespective of its nature.

Q: Explain what a business transaction is and provide two examples of a business transaction affecting…

A: Accounting equations are on the basis of the dual aspect concept of accounting. It means that every…

Q: What is accounting? Also define its branches.

A: Every business, when it set up, has to know its plan of how it has to be carried on and what all…

Q: What is the basic accounting equation?

A: Basic Accounting Equation: The mathematical equation which shows the relationship among the…

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

A: Accounting Principles:   Accounting principles refers to the rules and guidelines that are to be…

Q: What types of Accounting are there

A: There are following types of accounting: 1. Financial accounting 2. management accounting 3. tax…

Q: What's is the accounting equations

A: Accounting equation is considered as foundation of double entry accounting system. Accounting…

Q: What is the matching principle of accounting?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: According to our authors, give the accounting equation and explain why it is true.

A: Introduction: The accounting equation is a key component of the balance sheet and a fundamental…

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

A: Accounting assumption: These are the accounting practices or principles which are considered to be…

Q: What are the popular accounting applications?

A:

Q: How does accounting provide important data to a. Internal users b. External users

A: The process by which financial transactions of the business are recorded and communicated with the…

Q: What is the main fundamental operation in Accounting? Explain the process

A: Accounting: Accounting is the practice of keeping track of a company's financial activities.…

Q: Define accounting equation

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: What are different types of accounting information?

A: Introduction: Accounting: Accounting is an art of recording, classifying , summarizing and…

Q: Accounting is sometimes described as the language of busi-ness. What is meant by this description?

A: Accounting: It refers to a process of recording and summarizing the financial transactions and…

Q: In accounting, what are the many forms of accounting information?

A: Introduction: Accounting is the art of documenting, categorizing, summarizing, and evaluating the…

Q: Identify the two main categories of accounting principles.

A: Accounting principles are the principles and rules that organizations must follow when announcing…

Q: What are the Elements of the accounting equation? Describe about it.

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…

Q: Explain in your own words the process of Accounting cycle.

A: The accounting cycle refers to a process that is followed in preparing and recording all the…

Q: What is the most important basic accounting operation? Explain the procedure.

A: Introduction : Accounting is the discipline of recording a business's financial transactions. The…

Q: 2. Who are users of accounting information, what are its types? Explain with examples.

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS    “Since you have asked multiple questions, we will…

Q: The essential characteristic(s) of accounting is (are)

A: Accounting is an art of recording, classifying, and summarizing in a significant manner and in terms…

Q: Explain the Accounting Equation?

A: The accounting equation is the foundation of the balance sheet as well as the fundamental premise of…

Q: List and explain various functions of accounting.

A: Accounting is the process of recording financial transactions pertaining to a business. The…

Q: What are the roles of transaction in accounting?

A: The transactions are the business events that can be measured in monetary form.

Q: What is an accounting system for?

A: Accounting system basically refers to the way of maintaining the books of accounts. It is an…

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b) assumption,…

A: Principles are the rule made for every business.

Q: The accounting equation may be expressed as?

A: Accounting Equation: The accounting equation provides the foundation of the accounting system. This…

Q: What is the accounting equation? Briefly explain each of the three parts.

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…

Q: what is the accounting equation?

A: Accounting: It is defined as a process of gathering, recording, summarizing, analyzing, and…

Q: Can every business transaction no matter how simple or complex be expressed in terms of its effect…

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Define accounting and describe the different uses of accounting information

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Explain the application of the basic principles of accounting.

A: Income tax expense:   The expenses which are related to the taxable income of the individuals and…

Q: What do the accounting equation's elements entail? Give an explanation.

A: Accounting equation:  An accounting equation is a tool that creates a link between a company's…

Q: The measurement phase of accounting is accomplished by?

A: Accounting is the process of identifying, recording, summarizing and analysing financial information…

Q: What doesnt every transaction affect both sides in the accounting equations?

A: Basic accounting equation is: Assets = Liabilities + Capital It says that after every transaction,…

Q: In broad general terms, what is the purpose of accounting?

A: Accounting: It can be defined as the process of summarizing and recording the financial events and…

Q: quation

A: As far as formulas go, the accounting equation is simply stated as: Assets = Liabilities + Owners…

Q: So, what exactly is the purpose of an accounting system?

A: solution accounting system                 Accounting system in general refers to the system which…

Q: Write the basic accounting equation.

A: The accounting equation represents that the assets are equal to the sum of liabilities and…

Q: Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption, or…

A: Accounting assumptions :      As the name suggests, these are the assumptions to be considered by…

Q: Explain the double-entry system of accounting.

A: Journal entries are the entries which are required to be posted in the accounting books of the…

Q: how do you find the answer to componets of accounting equations

A: The accounting equation is as followsTotal Assets= Liabilities+ Owner's Equity.So, whenever any…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is