1. What is accounting? What are its main functions? 2. Name three of the Basic Accounting...
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1. What is accounting? What are its main functions? 2. Name three of the Basic Accounting Principles. Explain them briefly. 3. What are the main elements of a Balance Sheet? 4. For the following transactions, show how these affect the Balance Sheet: 1. Purchase land on credit, 2. Take loan from bank, 3. Purchase office furniture. 5. As discussed in the lecture, there exists various accounting systems (types). Explain why there is a need for various types of accounting. 1. What is accounting? What are its main functions? 2. Name three of the Basic Accounting Principles. Explain them briefly. 3. What are the main elements of a Balance Sheet? 4. For the following transactions, show how these affect the Balance Sheet: 1. Purchase land on credit, 2. Take loan from bank, 3. Purchase office furniture. 5. As discussed in the lecture, there exists various accounting systems (types). Explain why there is a need for various types of accounting.
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1 Accounting is the process of recording classifying and summarizing financial transactions to provi... View the full answer
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Business Ethics Ethical Decision Making & Cases
ISBN: 978-1439042236
8th Edition
Authors: O. C. Ferrell, John Fraedrich, Linda Ferrell
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