Suppose you are starting a business, Wholly Shirts, to imprint logos on T-shirts. In organizing the business and setting up its accounting records, you take your information to a CPA to prepare financial statements for the bank. Name the organization that governs the majority of the guidelines that the CPA will use to prepare financial statements for Wholly Shirts. What are those guidelines called?
Answer to relevant QuestionsUsing 25 words or fewer illustrate the accounting equation and explain each part of the accounting equation.Identify two asset categories on the classified balance sheet, and give examples of each category.What types of accounts are listed on the post-closing trial balance? Identify which types of accounts have a normal debit balance and which types of accounts have a normal credit balance.In 35 words or fewer, explain the difference between a debit and a credit, and explain what the normal balance of the six account types is.
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