You are a lawyer who has her own business. You buy a Mercedes convertible that you use primarily to take trips to the beach and vacation get - aways. You claim it as a business expense because you drive a client to lunch once a month. Which accounting principle does this violate? Objectivity Concept Unit of Measure Concept Business Entity Concept Cost Concept

Q: As an accountant, your new client Michael Sue's he's assistance in setting up his books for his…

A: GIVEN DATA      1-July Owner, Michael Suze invested $32,000 in his business, “Be Great Athletics”.…

Q: Please help with this Accounting type Question: The money received by owner in business is known as…

A: Financial accounting is the system wherein financial statements are prepared by an entity. It is a…

Q: If the client is not an employee, but works for himself or in partnership with others, or is an…

A: In the case of the self-employed, it is based on pre-tax but after-expense (net) income.In the case…

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: Which of the following statements does not fit the job title? An accounting clerk works out…

A: Accounting clerks means that the person who use to pass out the regular accounting work including…

Q: 13. Of the items and services offered by the fictional landscaping firm in Chapter 6, which would…

A: The objective of the first question is to identify which items or services offered by a landscaping…

Q: alim and Rashid want to start a Furniture shop at Sohar. How can you help them by explaining…

A: Partners have a legal agreement as to how business decisions shall be made, profits to be shared,…

Q: As the manager of a Mama Bodhi's restaurant, you must deal with a variety of business transactions.…

A: Accounting Equation: The accounting equation states that total assets of a company are equal to the…

Q: You are employed as an accountant for Innovative Computing. Your company is in the process of…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Your doctor got to know that you are studying accounting and he has bought some shares from XYZ…

A: Understandability is one of the four qualitative characteristics of financial accounting…

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: Which of the following industries is most likely to use LIFO accounting? A. Grocery stores B.…

A: The industry that is most likely to use LIFO (Last-In, First-Out) accounting is A. Grocery…

Q: What are some of the benefits to obtaining a degree in accounting? What is the difference between a…

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

Q: What is an example of a financial transaction? A firm purchases a fire insurance policy.   An…

A: Financial transactions are those which involve money in them. These are the transactions which are…

Q: When a small retail chain hires an accountant to do its income taxes, the retail chain has purchased…

A: Income Taxes -The central government imposes income tax, a form of tax, on the money that people…

Q: Mr Amjad is planning to start a business. He follows various accounting concepts and conventions…

A: Revenue recognition: Revenue recognition refers to an accounting principle which outlines the…

Q: if someone buys a business but hires professional managers to rub it so they dont have to be…

A: Entrepreneur is: Planner Risk-taker Creative Innovator, etc.

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: Why do we measure net income using accrual accounting rather than cash basis accounting? Group of…

A: Under cash basis of accounting all transaction records when actual expenses incurred or actual money…

Q: What amount should Makayla report as profit or loss from business? You may refer to her partially…

A: Profit and loss statement: A Profit and loss statement or income statement is one of the important…

Q: Is it important or are there pros for businesses having more than one accountant? if yes why is this…

A: Accountant: Accountant can be defined as professional individual appointed by a business entity for…

Q: Explain the concept of double-entry bookkeeping in accounting and how it ensures accuracy and…

A: Double-entry bookkeeping is a fundamental accounting concept that records every financial…

Q: Define Accounting and its importance in the field of business.Define owner’s equity and how it is…

A: Accounting is a system that identifies ,records and communicates relevant information that is…

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 is the role of accounting in business?  Elaborate your points by providing some real-life…

A: Let us first determine and understand what accounting is. Accounting is the process or the system of…

Q: odun

A: Dear student ,         “Since you have posted multiple questions, we will provide the solution…

Q: When operating a business, you will encounter liabilities of different types. For your merchandising…

A: A merchandise business is a type of business that involves buying and selling goods. These…

Q: Two of your friends, Sony and Ted, are planning on starting a new  business. Knowing you are…

A: Business can be run by single owner, partners or members. Business form in which all the business is…

Q: 1. What problems can you foresee if a business manager does not have a basic kno of accounting? 2.…

A: Note: “Since you have posted multiple questions, we will provide the solution only to the first…

Q: A close friend of yours, who is a history major and who has not had any college courses or any…

A: Financial statement:  Financial statements are condensed summary of transactions communicated in the…

Q: You are the senior accountant in a company and in charge of the accounts department. One of your…

A: International accounting standard board is an independent board which is made to set the accounting…

Q: Noon LLC has business in Adham. The sales manager is not confident about receiving the money and…

A: Sale should be recognized when ownership in the goods has been transferred whether cash has been…

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: A concept of accounting that indicates that the financial records of the business should be kept…

A: Business: A business is an organization entirely made for earning profits or for fulfilling social…

Q: it is urgent  A promise received from a business's customers to pay for goods and services that…

A: Introduction Sales may be defined as the activity of exchanging goods and services for money. It may…

Q: Barbie renders professional assistance in matters relating to accounting procedures and the…

A: The answer is given below :

Q: “Since you are enrolled in an introductory accounting class, a friend asks you the following: "I…

A: Double entry: Double-entry refers to the double effect of each financial transaction that occurs.…

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