What is accounting? Describe each part of the accounting equation.

2. How do accruals and deferrals affect financial statements?
4. When are period costs expensed? When are product costs expensed?
6. There are four financial statements utilized in the accounting process. List those financial statements and explain why they are used.

Answer rating: 100% (QA)

Accounting is the process of recording summarizing analyzing and communicating financial information about a business entity to stakeholders including investors creditors and regulators It encompasses ... View the full answer