Examples: Receive payment in cash for outstanding account receivable Assets Liability Equity Increase Increase Increase Liability Equity Decrease Decrease Decrease 2. The company purchases land by paying half in cash and signing a note payable for the other half Assets Increase Increase Increase No effect No effect No effect Decrease Decrease Decrease No effect No effect No effect 3. Cash received in advance from client for services is recorded in unearned revenue. Assets Increase Decrease No effect Liability Increase Decrease No effect Equity Increase Decrease No effect

Q: Identify each of the following as an accounting Principle, Assumption, or Constraint. 1. Time period…

A: Accounting principles are guidelines issued by the appropriate authority and should be used while…

Q: plain what’s manage define accounting and describe nature and objective of accounting.

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Referring to the accounting equation, provide an example of at least one business transaction

A: Accounting equation defines as the equation in which the total assets of an entity equals to the…

Q: Explanation of a business's accounting function. What is the function's purpose, and why is it…

A: INTRODUCTION: Accounting is the discipline of recording and reporting on a company's financial…

Q: Describe the effect of each transaction on the basic accounting equation.

A: Accounting equation:   Accounting equation is an accounting tool expressed in the form of equation,…

Q: Discuss briefly the different areas of accounting.

A: Accounting is the process of identifying, measuring, recording, and communicating financial…

Q: Prepare a comment in which you explain what an accounting transaction consists of, and what are its…

A: Accounting Transaction is any business transaction that affects company's financial statements and…

Q: What is equity security?

A: Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from…

Q: xplain the accounting process in det

A: Answer: Accounting process is the process which involves maintaining books of accounts and record…

Q: describe the process of recording business transactions using an accounting system based on the…

A: There are different processes of recording business transactions. One of them is an accounting…

Q: Case 2 According to Oman Labor Law, on the termination of workers who are not beneficiaries of…

A: Solution: CASE 2 (b). As per Oman law, Gratuity is paid based on last drawn Basic pay. It is paid…

Q: What is the main fundamental operation in Accounting? Explain the process

A: Accounting: Accounting is the practice of keeping track of a company's financial activities.…

Q: laining the accounting role of a business. Why is the function required and what is its purpose?…

A: Accounting is very important for business because without accounting you will not b able to…

Q: of accounting information

A: Accounting Cycle-:The Accounting Cycle is a time duration that is made to make financial accounting…

Q: Write down the general expression of accounting equation.

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of the…

Q: What do you mean by accounting in business? Explain the Accounting Cycle in detail?

A: Accounting represents the process of recording the financial and non financial transactions in the…

Q: What Is The Basic Accounting Equation?

A: The accounting equation depicts the relationship between a company's assets, liabilities, and…

Q: LE. What are the main activities and please explain how each of those activities are performed in…

A: Transaction Process: transaction process system helps a business to process all the transactions as…

Q: What is the deadline by which a c corporation must file a tax return

A: Generally, an organization must file its tax return by the 15th day of the fourth month after the…

Q: Analyze business transactions using the accounting equation.

A: Accounting equation is based on double entry system of accounting which says that for every…

Q: What are the Elements of the accounting equation? Describe about it.

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…

Q: Identify steps in the accounting cycle.

A: Accounting cycle: Accounting cycle is a step by step process that starts with the analyzing the…

Q: Explain in your own words the process of Accounting cycle.

A: The accounting cycle refers to a process that is followed in preparing and recording all the…

Q: Accounting role of a business organization explained. Whence comes the function, and why is it…

A: Accounting functions involve tracking, storing, documenting, analyzing, summarizing, and reporting a…

Q: What effect do a company's business operations and areas of business have on the architecture of its…

A: The following will illustrate how a company's business procedures and areas of business impact the…

Q: Briefly describe the reason of organization separate the accounting function from other function in…

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