Study notes for accounting 101 chapters 1-3, Freshman level

1.What is the objective of most railing line? To maximize profits. 2.Who argon the ordinarily included as the stakeholders of a condescension? Owners, employees, managers, customers, creditors and the government. 3.What is the design of explanation in affair? Accounting is an information system that provides reports to stakeholders more or less the scotch activities and conditions of a business. 4. What trio sound principles form the macrocosm for honourable behavior? Avoid secondary ethical lapse. Focus on your long-term reputation Expect to smart personal consequences for dimension to an ethical position. 5. Distinguish amongst hidden accounting system and reality accounting. Accountants employed by a business or not for profit are in backstage accounting. Accountants who work for a fee are public. 6. break what the abbreviations FASB stands for and render how the FASB sets generally recognised accounting principles. Financial Accounting pattern mesa which set generally accepted accounting principles allows for the comparison of financial carrying out and conditions crossways companies. 7. Lynda lyons is the owner of anticipate pitch attend to. Recently, Lynda nonrecreational matter to of $3500 on a personal loan of $60,000 that she employ to begin the business. Should Fast Delivery Service Record the interest payment? Explain. No, the business entity opinion limits the accounting date to the presently related activities of the business.

A proprietorship would drop off the activites of the business only. 8. On April 18, Neece touch on overhaul all-embracing an offer of $95000 for land that had been harmd for sale at $100,000. On April 25, Neece Repair Service accepted the sellers counteroffer of $97,500. picture how Neece Repair Service should record the land. Cost concept is the basis for entryway the actual price of the sale, $97,500, into the accounting records for the land. 9. a) Land with an assessed value of $200,000 for plaza tax purposes is acquired by a business for... If you want to find out a expert essay, come in it on our website: Orderessay

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