The five primary activities of a business generally are: a.receiving cash, disbursing cash, buying assets, issuing dividends, and paying off liabilities. b.making a profit, issuing financial statements, repaying debts, issuing dividends to shareholders, and complying with laws and regulations. c.receiving assets, selling assets, issuing financial statements, collecting cash, and making cash disbursements. d.receiving assets, purchasing assets, selling goods or services, collecting cash from customers, and repaying owners and creditors.

Q: The foundation of finance is the four basic financial statements. They are measured and reported…

A: The names of these financial statements are: Balance Sheet: The balance sheet shows the financial…

Q: Discuss TWO important uses of Financial Accounting for a business enterprise.

A: It is a specialized branch of accounting that focuses on recording, summarizing, and reporting a…

Q: Match the de

A: Financial informations are the informations which is measured in monetary term and these are the…

Q: Financial accounting can also be described as a way to a. Tell the financial story of a company.b.…

A:

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: Businesses engage in multiple activities that can be categorized as Financing, Investing, and…

A: Cash Flow from Financing Activities  Borrowing money from a bank  Repayment of Bonds Payable…

Q: Which of the following financial intermediaries is responsible for maintaining records a) Custodian.…

A: Financial intermediary is a middleman acting as a facilitator of financial transactions between two…

Q: The accounting and finance department performs processes such as creating financial statements,…

A: In the realm of organizational functions, the accounting and finance department plays a pivotal role…

Q: Which of the following types of businesses require financial information to operate effectively?

A: The following types of businesses require financial information to operate effectively are:(1)…

Q: A cash flow statement is considered a major financial statement for a business and nonprofit entity.…

A: For any type of organisation, cash flow activity is compulsory, it is a part of the financial…

Q: or a retail business,which of the following is not part of its operating cycle? A.obtaining capital…

A: The operating cycle refers to the whole process cycle, which begins with the purchasing and ends…

Q: The accounting assumption that states an owner of a business must keep the business checkbook…

A: Accounting Assumption :— It is set of standard rules that are provided by financial accounting…

Q: Describe the difference between the accounting function and the finance function? What purpose do…

A: The key difference between accounting and finance is that accounting mainly focuses on the…

Q: Which of the following systems provides the internal financial information needed to manage a…

A: The managers are responsible for the business operations and its success. The managers make…

Q: Financial statement users assess a business liquidity and solvency to see whether a business is…

A: Solution Concept Liquidity               The term liquidity means how quickly can the assets be…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is