1. 1. Define the term accounting and explain the importance of accounting in a business.2. mention five (5) professions or works related to accounting.3. Indicate the ten (10) ethical principles of accounting and explain, in your own words,what the importance of each is and how they help in the integrity of the accountingprofession.4. Explain in your own words what generally accepted accounting principles (GAAP) are.5.Analyze and explain in your own words who uses accounting information and how theyuse it.

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Answered: 1. Define the term accounting and…

Business

Accounting

1. Define the term accounting and explain the importance of accounting in a business.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

1. Define the term accounting and explain the importance of accounting in a business.
2. mention five (5) professions or works related to accounting.
3. Indicate the ten (10) ethical principles of accounting and explain, in your own words,
what the importance of each is and how they help in the integrity of the accounting
profession.
4. Explain in your own words what generally accepted accounting principles (GAAP) are.
5.Analyze and explain in your own words who uses accounting information and how they
use it.

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