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SHORT ANSWER Why is it important that a small business manager understand accounting if the company has a trained accountant on its staff? From another perspective, why is it valuable that you as a student understand accounting if you don't plan to be an accountan

Knowledge Check 01 Why is accounting important? Accounting information impacts all of us. Accounting information impacts businesses only. O Accounting is important only to those who are majoring in accounting. ( Prev 1 2 3 7 of 7 Next > ...

Evaluating features of an effective accounting information system In Vogue, a T-shirt business, is growing fast and needs a better accounting information system. Consider the features of an effective system. Which features are most important? Why? Which feature must you consider if your financial resources are limited?

Current Attempt in Progress People who manage a business or make business decisions O always rely on accountants to make decisions impacting the financial condition of the firm. O need to understand accounting statements in order to realize and measure the financial impact of their decisions on the business. O rely on their bankers for investment decisions. O do not need to understand accounting statements but only the operational aspects of their jobs.

1 Earnings management is ______________  Select one: a. always fraudulent. b. the process of profit maximization. c. manipulating income to meet a targeted earnings level. d. the process of managing a business.

OBJECTIVES: K: Define Accounting: S: Discuss the usefulness of accounting; and A: Appreciate the usefulness of accounting in real situation. LEARNING COMPETENCY: Defining accounting. ABM FABM11-Illa-1 I. What Happened PRE-TEST: Read each item carefully and use your notebook to write your answers. True or False on ny 1. A business transaction is the occurrence of an event or of a condition that must be recorded. 2. Summarization reduces the effects of numerous transactions into useful groups or categories. 3. Recording is very important in accounting. 4. Accounting is and art and a discipline. 5. Accounting deals with information and transactions II. What You Need to Know Accounting is the art of recording, classifying and summarizing in a om significant manner and in terms of money, transaction and events which are, in part at least of a financial character, and interpreting the results thereof. ACCOUNTING o bnolonon As an Art As a Process

1ACCT1002 – Introduction to Financial AccountingUWI Open CampusACCT 1002INTRODUCTION TOFINANCIAL ACCOUNTINGWorksheet 1 Tutorial Worksheet # 1Accounting and the BusinessEnvironment1. The primary objective of financial reporting is to provide information useful formaking investment and lending decisions. To be useful, financial information mustpossess certain characteristics. State these characteristics and discuss each.2. Accountants often refer to GAAP. What does the acronym GAAP means and why isit important in accounting?3. What does the acronym FASB represent and what role does it play in financialaccounting?4. Suppose you are the sole owner of a bicycle sales and repair shop for many years.Which business type would best protect your personal assets from product liabilityexposure and why.5. Suppose you and a friend developed a new technology for home computer systems.However, you both need to raise a large amount of capital to build the productionand support facilities to market the…

Mastery Problem: Financial Statement Analysis Question Content Area Liquidity and Solvency Measures Your friend, another accountant, has bet you that with your knowledge of accounting and just the computations for common analytical measures, you can figure out many aspects of a company's financial statements. You take the bet! Match each computation to one of the liquidity and solvency measures in the table. (Hint: Begin by looking for simple computations and identifying the amounts in those computations. Look for other measures that use those amounts.)

6 The mechanics of accounting involve analyzing the effect on the accounting equation of financial transactions. Knowing how transactions affect the accounting equation allows you to consider and account for all the ramifications of sometimes complicated transactions. You are mentoring an accounting intern who asks for clarification about trial balances. She wants to know if a trial balance balances, would that guarantee that the trial balance is correct? Consider her question. What possible errors could happen and still allow the trial balance to balance?