Answer all questions: 1. Describe accounting.

2. Explain on internal and external users of accounting information. 3. Explain the following: Asset Liability Owner's Equity Income Expense

4. Explain the functions of accounting.

5. Dira bought a truck worth RM 325 000 for her towing service business. The truck is expected to be useful for 9 years with annual depreciation rate of 11% and RM 12 500 of scrap value. Calculate final net book value of the truck.

Answer rating: 100% (QA)

1 Accounting Accounting is the systematic process of identifying recording measuring classifying verifying summarizing interpreting and communicating financial information It provides a way to track a... View the full answer