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q describe about assetsassets are things of worth owned by the business they are as well called the resources of the business illustration includes
q can you explain about balance sheetthe balance sheet sometimes called as the statement of financial position lists the liabilities companys assets
q what is dividendone idea of the statement of retained earnings is to connect the income statement and the balance sheet the statement of retained
q explain about income statementthe income statement sometimes called as an earnings statement that reports the profitability of a business
q explain statement of retained earningsthe statement of retained earnings demonstrates the change in retained earnings between the beginning and end
q financial statements of business organizationsbusiness entities may perhaps have many objectives and goals for instance one of your objectives in
q explain about manufacturing companiesmanufacturing companies purchase materials convert them into products and then sell the products to other
q explain merchandising companiesmerchandising companies buy goods that are ready for sale and then sell them to customers merchandising companies
q what are service companiesservice companies carry out services for a fee this group comprise law firms accounting firms and dry cleaning
q show types of activities performed by business organizationsthe forms of business unit examined in the previous section are classified according to
an accounting perspective business insightaccounting is essential for all three types of business organizations and every company must follow
q illustrate about corporationa corporation is an incorporated business under the laws of a state and owned by a few stockholders or thousands of
q what do you mean by partnershipa partnership is a non-incorporated business owned by two or more persons associated as partners habitually the same
q what do you mean by single proprietorshipa single proprietorship is a non incorporated business owned by an individual and often managed by that
q explain business entity conceptsuppose for instance that you own two businesses 1 a physical fitness centre and 2 a horse stable as per to the
forms of business organizationsaccountants habitually refer to a business organization as an accounting entity or a business entity a business entity
q explain accounting cyclecreditors investors as well as managers use these statements in evaluating managements past decisions and as a basis for
numerous accounting organizations have codes of ethics governing the behaviour of their members for example both the american institute of certified
the institute of management accountants previously the national association of accountants is an organization with approximately 70000 members
q what is managerial accounting informationa managerial accounting information is for internal use and provides special information for the managers
q explain financial accounting informationa financial accounting information is precedent in nature that reporting on what has happened in the past
general rationale financial statements provide much of the information needed by external users of financial accounting these financial statements
q external users of accounting informationthe external users of accounting information grouped into groups everyone has different interests in the
q financial accounting versus managerial accountingan accounting information system offers data to help decision makers both outside and inside the
q what do you mean by not-for-profit organizationsnot-for-profit organizations such like charities fraternities churches and universities need