Why do you think it is important to know the origin of accounting? 2. In your own understanding, what is accounting and its function to business? 3. What is the importance of accounting concepts and principles in running a business? (Combine the answers from the questions to make an essay) its okay if its short.

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

A: Hi Student, since there are multiple question so we will answer only 1st question, if you want…

Q: define financial accounting and explain its role in business

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Ethics is the most fundamental principle of Accounting. Explain it.

A: Ethics implies the arrangement of rules that the association ought to follow. While in business,…

Q: 1. Which of the following does not describe accounting?a. Language of business.b. Is an end rather…

A: Accounting: It refers to a process of recording and summarizing the financial transactions and…

Q: SHORT ANSWER Why is it important that a small business manager understand accounting if the company…

A: Accounting, the important element: Accounting is essential to the victory of any business in a…

Q: unting deals with quantifiable information. Select one: a. True b. False         2. Choose the…

A: Accounting is the concept that collects and evaluates quantitative information about the various…

Q: 2. The statement about the importance of accounting is incorrect: A B C JA D Accounting is a…

A: Accounting is important because it helps individuals and organizations keep track of their financial…

Q: The mechanics of accounting involve analyzing the effect on the accounting equation of financial…

A: Trial balance is the statement prepared by the business entity after closing the ledgers. It…

Q: 2. Identify and discuss 2 external users of accounting information and their information needs.

A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…

Q: Based on the picture below, what is the importance of accounting in business?

A: Accounting is the process of recording business transactions, classify them into appropriate…

Q: What does the term dual aspect mean in terms of accounting?

A: Accounting is the process of recording, classifying, analyzing, interpreting, and communicating…

Q: Why is a knowledge of accounting terms and concepts use-ful to persons other than professional…

A:

Q: Give an example of accounting problem, For that problem, there should be 3 requirements or questions…

A: Accounting is an essential function for any business, as it provides insight into the financial…

Q: 3. Indicate the ten (10) ethical principles of accounting and explain, in your own words, what the…

A: Ethics in accounting refers to fair accounting and compliance with law and rules by the company…

Q: Explain how accounting works in a business

A: Accounting is the systematic and detailed documentation of a company's financial transactions in a…

Q: Evaluate the statement “Accounting is all about numbers.”. Using the definition of accounting to…

A: Accounting is defined as the process of identifying, measuring, recording and communicating economic…

Q: 1. Define the term accounting and explain the importance of accounting in a business. 2. mention…

A: as the student has directed to provide a solution only for the 2nd question only hence the answer…

Q: 1. Discuss accounting as the language of business and the role of accounting information in making…

A: Accounting can be referred as language of the business, as the financial statements of the firm…

Q: In yesteryear's accounting world, what role does an Accounting Information System

A: Accounting information system (AIS) is a collective mechanism wherein information or data related to…

Q: Why shall accounting students need to study accounting theory? Choose one of accounting theories you…

A: Accounting theory means those theories which are used to study and in the application of accounts…

Q: 1. Who are the key users of accounting information? What type of information does each stakeholder…

A: We are authorized to answer one question at a time, since you have not mentioned which question you…

Q: Please give us an example of a business transaction that affects the accounting equation. Remember…

A: An accounting equation states that the total of assets is always equal to the total of liabilities…

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 are the ideas and language used in accounting?

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

Q: What are the 2 specific advantages of Accounting Information Systems (AIS) to ease accountants in…

A: Accounting information system is the system which collects, stores, records, summarise and report…

Q: What are the importance of Accounting in our life? How Accounting affects the modern life and Is…

A: Answer: In todays world everything is defined in numbers. Accounting is not just a subject but it is…

Q: Why is having knowledge of accounting terms useful to persons other than in an accounting…

A: Accounting terminology refers to complete description of associated terms that are used and for the…

Q: 7. Accounting is sometime described as the language of business. What is meant by this description?…

A: Financial Accounting is usually referred to as the language of business; it's the language that…

Q: Indicate whether the definition provided is true or false. (True/False) Accounting can be defined…

A:

Q: Can every business transaction no matter how simple or complex be expressed in terms of its effect…

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Hw.226. Give a detailed account what accounting theory stands for within the general framework and…

A: Accounting theory encapsulates assumptions,  methodology & framework used in the application of…

Q: Why is it important for any person (other than accountants) to know the basics of accounting?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: a) Who is the Father of Accounting?                                                      b Explain…

A: Accounting is the process of recording financial transactions of a business and includes…

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