Accounting Data: Accounting data refers to all the information and data that are available in journals, ledgers, and other reports that act as the basis of financial statements. Accounting data may be available on paper or in computer readable form. All businesses, big or small have a large amount of accounting data. Internal users of accounting data: Internal users of accounting data refer to the people within an organization who use accounting data for various managerial purposes. The internal users of accounting data are usually the managers, employees, and owners of an organization who use accounting data in the various processes. External users of accounting data: External users of accounting data refer to the people outside an organization who want to evaluate the financial performance of the organization. The most common external users of accounting data are usually the creditors, debtors, investors, and government agencies . They require information in order to make various decisions like whether to buy, hold, or sell ownership shares of a company or to evaluate the risks of granting credit or lending money. To identify: Whether the users of accounting information are internal or external.

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Answer 1

Question

Chapter 1, Problem 1.2E

(a)

To determine

Accounting Data:

Accounting data refers to all the information and data that are available in journals, ledgers, and other reports that act as the basis of financial statements. Accounting data may be available on paper or in computer readable form. All businesses, big or small have a large amount of accounting data.

Internal users of accounting data:

Internal users of accounting data refer to the people within an organization who use accounting data for various managerial purposes. The internal users of accounting data are usually the managers, employees, and owners of an organization who use accounting data in the various processes.

External users of accounting data:

External users of accounting data refer to the people outside an organization who want to evaluate the financial performance of the organization. The most common external users of accounting data are usually the creditors, debtors, investors, and government agencies. They require information in order to make various decisions like whether to buy, hold, or sell ownership shares of a company or to evaluate the risks of granting credit or lending money.

To identify: Whether the users of accounting information are internal or external.

(b)

To determine

To identify: Whether the given questions are asked by internal users or external users.

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When a company collects cash from a customer in advance, it should:A. Recognize revenue immediatelyB. Record a liabilityC. Record it as equityD. Ignore it until revenue is earned

Answer 2

Question

Chapter 1, Problem 1.2E

(a)

To determine

Accounting Data:

Accounting data refers to all the information and data that are available in journals, ledgers, and other reports that act as the basis of financial statements. Accounting data may be available on paper or in computer readable form. All businesses, big or small have a large amount of accounting data.

Internal users of accounting data:

Internal users of accounting data refer to the people within an organization who use accounting data for various managerial purposes. The internal users of accounting data are usually the managers, employees, and owners of an organization who use accounting data in the various processes.

External users of accounting data:

External users of accounting data refer to the people outside an organization who want to evaluate the financial performance of the organization. The most common external users of accounting data are usually the creditors, debtors, investors, and government agencies. They require information in order to make various decisions like whether to buy, hold, or sell ownership shares of a company or to evaluate the risks of granting credit or lending money.

To identify: Whether the users of accounting information are internal or external.

(b)

To determine

To identify: Whether the given questions are asked by internal users or external users.

Expert Solution & Answer

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Answer 3

Question

Chapter 1, Problem 1.2E

(a)

To determine

Accounting Data:

Accounting data refers to all the information and data that are available in journals, ledgers, and other reports that act as the basis of financial statements. Accounting data may be available on paper or in computer readable form. All businesses, big or small have a large amount of accounting data.

Internal users of accounting data:

Internal users of accounting data refer to the people within an organization who use accounting data for various managerial purposes. The internal users of accounting data are usually the managers, employees, and owners of an organization who use accounting data in the various processes.

External users of accounting data:

External users of accounting data refer to the people outside an organization who want to evaluate the financial performance of the organization. The most common external users of accounting data are usually the creditors, debtors, investors, and government agencies. They require information in order to make various decisions like whether to buy, hold, or sell ownership shares of a company or to evaluate the risks of granting credit or lending money.

To identify: Whether the users of accounting information are internal or external.

(b)

To determine

To identify: Whether the given questions are asked by internal users or external users.

Expert Solution & Answer

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Answer 4

Question

Chapter 1, Problem 1.2E

(a)

To determine

Accounting Data:

Accounting data refers to all the information and data that are available in journals, ledgers, and other reports that act as the basis of financial statements. Accounting data may be available on paper or in computer readable form. All businesses, big or small have a large amount of accounting data.

Internal users of accounting data:

Internal users of accounting data refer to the people within an organization who use accounting data for various managerial purposes. The internal users of accounting data are usually the managers, employees, and owners of an organization who use accounting data in the various processes.

External users of accounting data:

External users of accounting data refer to the people outside an organization who want to evaluate the financial performance of the organization. The most common external users of accounting data are usually the creditors, debtors, investors, and government agencies. They require information in order to make various decisions like whether to buy, hold, or sell ownership shares of a company or to evaluate the risks of granting credit or lending money.

To identify: Whether the users of accounting information are internal or external.

(b)

To determine

To identify: Whether the given questions are asked by internal users or external users.

Expert Solution & Answer

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Answer 5

Chapter 1, Problem 1.2E

(a)

To determine

Accounting Data:

Accounting data refers to all the information and data that are available in journals, ledgers, and other reports that act as the basis of financial statements. Accounting data may be available on paper or in computer readable form. All businesses, big or small have a large amount of accounting data.

Internal users of accounting data:

Internal users of accounting data refer to the people within an organization who use accounting data for various managerial purposes. The internal users of accounting data are usually the managers, employees, and owners of an organization who use accounting data in the various processes.

External users of accounting data:

External users of accounting data refer to the people outside an organization who want to evaluate the financial performance of the organization. The most common external users of accounting data are usually the creditors, debtors, investors, and government agencies. They require information in order to make various decisions like whether to buy, hold, or sell ownership shares of a company or to evaluate the risks of granting credit or lending money.

To identify: Whether the users of accounting information are internal or external.

(b)

To determine

To identify: Whether the given questions are asked by internal users or external users.

Answer 6

Chapter 1, Problem 1.2E

(a)

To determine

Accounting Data:

Accounting data refers to all the information and data that are available in journals, ledgers, and other reports that act as the basis of financial statements. Accounting data may be available on paper or in computer readable form. All businesses, big or small have a large amount of accounting data.

Internal users of accounting data:

Internal users of accounting data refer to the people within an organization who use accounting data for various managerial purposes. The internal users of accounting data are usually the managers, employees, and owners of an organization who use accounting data in the various processes.

External users of accounting data:

External users of accounting data refer to the people outside an organization who want to evaluate the financial performance of the organization. The most common external users of accounting data are usually the creditors, debtors, investors, and government agencies. They require information in order to make various decisions like whether to buy, hold, or sell ownership shares of a company or to evaluate the risks of granting credit or lending money.

To identify: Whether the users of accounting information are internal or external.

Answer 7

Chapter 1, Problem 1.2E

(a)

To determine

Accounting Data:

Accounting data refers to all the information and data that are available in journals, ledgers, and other reports that act as the basis of financial statements. Accounting data may be available on paper or in computer readable form. All businesses, big or small have a large amount of accounting data.

Internal users of accounting data:

Internal users of accounting data refer to the people within an organization who use accounting data for various managerial purposes. The internal users of accounting data are usually the managers, employees, and owners of an organization who use accounting data in the various processes.

External users of accounting data:

External users of accounting data refer to the people outside an organization who want to evaluate the financial performance of the organization. The most common external users of accounting data are usually the creditors, debtors, investors, and government agencies. They require information in order to make various decisions like whether to buy, hold, or sell ownership shares of a company or to evaluate the risks of granting credit or lending money.

To identify: Whether the users of accounting information are internal or external.

Answer 8

(b)

To determine

To identify: Whether the given questions are asked by internal users or external users.

Answer 9

(b)

To determine

To identify: Whether the given questions are asked by internal users or external users.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 1 - Prob. 1Q Ch. 1 - Prob. 2Q Ch. 1 - Prob. 3Q Ch. 1 - Prob. 4Q Ch. 1 - Prob. 5Q Ch. 1 - Prob. 6Q Ch. 1 - 7. What is the monetary unit assumption? Ch. 1 - 8. What is the economic entity assumption? Ch. 1 - Prob. 9Q Ch. 1 - Prob. 10Q

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To identify: Whether the given questions are asked by internal users or external users.

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