Activity: Explain and differentiate the different branches of accounting. Financial accounting - Managerial accounting - Cost Accounting - Auditing - Tax Accounting - Fiduciary accounting - Project Accounting - Forensic Accounting - Fund Accounting - Government Accounting - Political Campaign Accounting - International Accounting - 2. Describe the nature of accounting 3. Explain the accounting process: recording classifying summarizing interpreting 4. Differentiate the four forms of business organizations: Sole proprietorship General Partnership Limited liability Company Corporations 5. Explain and describe the type of information needed by each of these users: Revenue expenses profitability debt 6. Explain each accounting principles Accrual principle Conservatism principle Consistency principle Cost principle Economic entity principle Full disclosure principle Going concern principle Matching principle Materiality principle Monetary unit principle Reliability principle Revenue recognition principle Time period principle 7. Define and explain each qualitative characteristics of useful financial information: Verifiability Timeliness Understandability Comparability 8. Differentiate the types of business according to its activity: Service business Merchandising business Manufacturing business 9. Name a 10 company according to the three major types of businesses 10. Define the three major elements of accounting equation: assets liabilities

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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Activity:

Explain and differentiate the different branches of accounting.

Financial accounting -
Managerial accounting -
Cost Accounting -
Auditing -
Tax Accounting -
Fiduciary accounting -
Project Accounting -
Forensic Accounting -
Fund Accounting -
Government Accounting -
Political Campaign Accounting -
International Accounting -

2. Describe the nature of accounting

3. Explain the accounting process:

recording
classifying
summarizing
interpreting

4. Differentiate the four forms of business organizations:

Sole proprietorship
General Partnership
Limited liability Company
Corporations

5. Explain and describe the type of information needed by each of these users:

Revenue
expenses
profitability
debt

6. Explain each accounting principles

Accrual principle
Conservatism principle
Consistency principle
Cost principle
Economic entity principle
Full disclosure principle
Going concern principle
Matching principle
Materiality principle
Monetary unit principle
Reliability principle
Revenue recognition principle
Time period principle

7. Define and explain each qualitative characteristics of useful financial information:

Verifiability
Timeliness
Understandability
Comparability

8. Differentiate the types of business according to its activity:

Service business
Merchandising business
Manufacturing business

9. Name a 10 company according to the three major types of businesses

10. Define the three major elements of accounting equation:

assets
liabilities
shareholders' equity

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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