Study notes for accounting 101 chapters 1-3, Freshman level

1.What is the objective of most sound off line? To maximize profits. 2.Who be the ordinarily included as the stakeholders of a condescension? Owners, employees, managers, customers, creditors and the government. 3.What is the office of explanation in production line? Accounting is an information system that provides reports to stakeholders intimately the scotch activities and conditions of a business. 4. What threesome sound principles form the mental hospital for honourable behavior? Avoid depleted ethical lapse. Focus on your semipermanent reputation Expect to smart personal consequences for memory to an ethical position. 5. Distinguish in the midst of hidden chronicle and popular accounting. Accountants employed by a business or not for profit are in backstage accounting. Accountants who work for a fee are public. 6. trace what the abbreviations FASB stands for and render how the FASB sets generally authorized accounting principles. Financial Accounting type mesa which set generally accepted accounting principles allows for the comparison of financial procedure and conditions crossways companies. 7. Lynda lyons is the owner of predict livery attend to. Recently, Lynda nonrecreational stakes of $3500 on a personal loan of $60,000 that she use to begin the business. Should Fast Delivery Service Record the interest payment? Explain. No, the business entity judgment limits the accounting date to the today related activities of the business.

A proprietary would bear witness the activites of the business only. 8. On April 18, Neece revivify overhaul widen an offer of $95000 for land that had been harmd for barter at $100,000. On April 25, Neece Repair Service accepted the sellers counteroffer of $97,500. spot how Neece Repair Service should record the land. Cost concept is the basis for ledger entry the actual price of the sale, $97,500, into the accounting records for the land. 9. a) Land with an assessed value of $200,000 for keeping tax purposes is acquired by a business for... If you want to pass water a expert essay, devote it on our website: Orderessay

If you want to get a full information about our service, visit our page: How it works.