An economic event or condition that directly changes the financial condition of the company or directly affects its results of operations and should be recorded is called a/an ____________________. Group of answer choices accounting concept business transaction communication economic transaction

Q: What is accounting's role in a company?

A: The companies are run by the stakeholders' to earn the profits. The company hires the employees to…

Q: he economic resources that a business owns and expects to be useful to deliver its purpose are known…

A: An asset is a resource with economic value that an individual, corporation, or enterprise owns with…

Q: Justify accounting's usage in tracking and monitoring economic events that impact business…

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Q: Analyze the impact of external factors (i.e., external to the company) on a company’s financial…

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Q: Which type of accounting information is intended to satisfy the needs of external users of…

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Q: Value added statement is a statement prepared under: O Financial Accounting O Management Accounting…

A: Value Added Statements are financial statements that show how a business creates value and…

Q: How does a changing environment affect a business and how it relates to management accounting? Give…

A: A changing environment can impact various business aspects, such as its operations, strategy, and…

Q: What are some of the uses that management may make of accounting information about individual…

A: In a company, generally, various divisions have been made according to the type and flow of work.…

Q: What is the difference between financial accounting and managerial accounting? How do they each…

A: Financial accounting and managerial accounting are two branches of accounting that serve different…

Q: Explain how accounting is used to track and monitor the economic events that impact business…

A: Accounting is defined in simple terms as an art of keeping the record of financial transactions of a…

Q: The resources of value owned by a business are called _____________. Group of answer choices…

A: Business means the activity or occupation that is done to earn the revenues.

Q: xplain how a company's accounting function operates. In what way does this function serve a purpose,…

A: Accounting is the systematic recording of financial transactions and presentation of the same in…

Q: An information system that provides reports to stakeholders about the economic activities and…

A: Accounting: The practice of documenting financial transactions that are relevant to a company is…

Q: How do a company's operations and lines of business affect the architecture of its accounting…

A: SOLUTION  AN ACCOUNTING INFORMATION SYSTEM IS A SYSTEM OF COLLECTING , STORING AND PROCESSING…

Q: ow does financial and managerial accounting impacts in the business world?

A: Financial accounting is the process of preparing financial statements that businesses use to…

Q: Which of the following is a major challenge facing the accounting profession? O A. Accounting for…

A: Major challenges facing the accounting profession are :- Non financial measurements Forward looking…

Q: Which is one of the most important roles of the accounting function within an organization?

A: Accounting Function: Accounting function are the functions related to maintenance of records of the…