Question

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Chapter 1 Introduction to Accounting and Business
Describe the types and forms of businesses, how businesses make money, and business stakeholders.
Describe the three business activities of financing, investing, and operating.
Define accounting and describe its role in business.
Describe and illustrate the basic financial statements and how they interrelate.
Describe eight accounting concepts underlying financial reporting
.
Chapter 2 Analyzing Transactions
Describe the basic elements of a financial accounting information system.
How do you analyze, record, and summarize transactions for a corporation’s first period of operations?
How do you prepare financial statements for a corporation’s first period of operations?
How do you analyze, record, and summarize transactions for a corporation’s second period of operations?
How do you prepare financial statements for a corporation’s second period of operations?
.
Chapter 3 The Adjusting Process
Describe basic accrual accounting concepts, including the matching concept.
How do you use accrual concepts to analyze, record, and summarize transactions?
Describe and illustrate the end-of-period adjustment process.
How do you prepare financial statements using accrual concepts of accounting, including a classified balance sheet?
Describe how the accrual basis of accounting enhances the interpretation of financial statements.

Answer 1

Answers:

Chapter 1:

1. Answer:

The three types of businesses worked revenue driven incorporate assembling, marketing, and administration businesses. Such businesses might be sorted out as ownerships, associations, enterprises, and constrained risk businesses. A business may make benefits by picking up a preferred position over its rivals utilizing a minimal effort or a top notch value accentuation. A business' financial achievement is important to its stakeholders. There are four classifications of stakeholders: capital market, item or administration, government, and inward stakeholders.

2. Answer:

All businesses take part in financing, investing, and operating activities. Financing activities include getting assets to start and operate a business. Investing activities include getting the important assets to begin and operate the business. Operating activities include utilizing the business' assets as indicated by its business accentuation.

3. Answer:

Accounting is a data framework that gives reports to stakeholders about the financial activities and state of a business. Accounting is the language of business.

4. Answer:

The principal financial statements of a corporation are the salary articulation, the held profit proclamation, the balance sheet, and the statement of cash flows. The salary explanation reports a period's net gain or overall deficit, which additionally shows up on the held income proclamation. The consummation held income gave an account of the held profit proclamation is likewise written about the asset report. The ending cash balance is accounted for on the balance sheet and the statement of cash flows.

5. Answer:

The eight accounting concepts talked about in this section include the business element, cost, going concern, coordinating, objectivity, unit of measure, satisfactory divulgence, and accounting period concepts.