According to which concept the owners are considered to be different from the business [A] Business entity concept [B] Going concern concept [C] Money measurement concept [D] Accounting period concept

Q: What is accounting and how does it relate to business?

A: Accounting: In finance, accounting is the process of documenting financial transactions, keeping and…

Q: Explain what a business transaction is and provide two examples of a business transaction affecting…

A: Accounting equations are on the basis of the dual aspect concept of accounting. It means that every…

Q: In a business, explain the significance of the Statement of Comprehensive Income and the Statement…

A: Financial statements include -  Income statement  Statement showing the financial position  Cash…

Q: Which principle or concept states that businesses should use the same accounting methods and…

A: Answer: c) Consistency In accounting the concept of consistency states that company should maintain…

Q: he economic resources that a business owns and expects to be useful to deliver its purpose are known…

A: An asset is a resource with economic value that an individual, corporation, or enterprise owns with…

Q: how will a change from cash basis accounting to accural basis accounting positively and negatively…

A: Books of accounts can be maintained either using the cash basis accounting or using the accrual…

Q: Costs directly attributable to a business combination include O general administrative costs. O…

A: business combination means nothing but bringing two separate entities or businesses into one…

Q: Revenue from sources other than the primary operating activity of a business like interest expense…

A: The Multistep income statement categories the different revenues and expenses incurred during the…

Q: Financial accounting serves which primary function(s)?  a. Measures business activities. b.…

A: Financial accounting is a branch of accounting which deals into summarisation, analysis and…

Q: That a business may only report activities on financial statements that are specifically related…

A: Accounting concepts are those rules and regulations which are used for the purpose of accounting and…

Q: A. Identify the nature of each account using the letter A for assets, L for liabilities, SE for…

A: As you have posted multiple independent questions, we are answering the first question. Kindly…

Q: Examine the business activity and decide for its classification from the choices below. Also,…

A: Cash flows from operating activities includes all cash inflows and cash outflows of the business…

Q: How does net income affect the operation of the business?

A: The bottom line of income statement is net income. It’s the outcome of sales and gains minus the…

Q: MCQS: External reporting is the result of?     (a) Financial accounting     (b) Management…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: how does business owners can use the statement of profit and loss or income statement and balance…

A: The business needs a variety of financial statements to function in the business society. The…

Q: What would increase the liabilities of a business entity? Please provide specific examples. 2. What…

A: The liabilities are the amount to be paid by the business in future period.

Q: For money to accrue to a business, it needs to: a.Have been earned by the business b.Have been…

A: As per revenue recognition principles, if a company follows accrual method of accounting then…

Q: Explain the effect of operating profitably on the balance sheet of a business entity.

A:

Q: * ?A financial statement that summarizes company revenue and expenses is Income statement Cash flow…

A: A financial statement seems to be a statement that shows the profitability, consistency, and…

Q: Using the following categories, discuss the differences that exist between accounting for these…

A: Accounting is the process of recording financial transactions in a business. Accounting is the…

Q: Which of the following statements about an "account" is true? It is the art of recording,…

A: Accounting is the process of recording the transactions in the books of accounts. Transactions are…

Q: Assets are the O a. resources owned by the business. O b. personal property of the owners. O c. c.…

A: A business asset is an item or resources of a value owned by the company which can be tangible or…

Q: While putting the value or price of an entity in financial records the lowest price is recorded not…

A: Accounting is the process of recording financial transactions (which can be measured in terms of…

Q: How distinguishes business administration form accounting

A: Accounting: It is the process of recording any financial transactions incurred in the financial year…

Q: What is the owner’s right to the assets (claims to the assets) of the business called? Group of…

A: Solution: As per basic accounting equation: Assets = Liabilities + Owner's equity Therefore Lenders…

Q: these are economic resources owned by the business expected for future gain. They are property and…

A: Answer) The correct answer in the given question is: Assets

Q: Why is Accounting Entity Concept an important principle of accounting that a business should follow…

A: The accounting entity concept separates the owners and business entity. They both treated as…

Q: Which of the following states that the business should use the same accounting methods from period…

A: Introduction: Accounting: Accounting is an art of recording, classifying , summarizing and…

Q: A concept of accounting that indicates that the financial records of the business should be kept…

A: Business: A business is an organization entirely made for earning profits or for fulfilling social…

Q: Match the transaction to the basis of accounting used by the business

A: Accounting: Accounting is the method of recording money transactions relating a business. The…

Q: Define business financial status

A: The financial status defines the status of a company’s well-being regarding. The financial status of…

Q: Identify or classify the different account titles as to whether the belong to Assets, Liabilities,…

A: Current assets are those assets which are expected to be sold as an outcome of the business…

Q: USING THE FOLLOWING CATEGORIES, DISCUSS THE DIFFERENCES THAT EXIST BETWEEN ACCOUNTING FOR THESE…

A: The process of defining, assessing, and reporting transactions to regulatory authorities, tax…

Q: The amount business owes to others is known as: Revenue Expense Liabilities Assets

A: The different accounts in business balance sheet are described as assets, liabilities and owners'…

Q: How are financial statements used by business?

A: Answer: Introduction: Financial statements are nothing but detailed reports of a company, individual…

Q: 1. When did the business call accountable? 1. Business Activities are accountable when they are…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Assess whether each of following would be recorgnized in the balance sheet of an entity? Explain?…

A: Balance sheet is one of the financial statement of the business. This is prepared for review of…

Q: One of the following attributes in respect of accounting transactions is not correct: O a.…

A: Accounting transactions indicate the system of recording events having a monetary value that have…

Q: Show how the below transactions affect the financial position of the business as represented by A =…

A: As per accounting equation of the business, total assets must be equal to total liabilities and…

Q: What requirement is imposed by the double-entry system in the recording of any business transaction?

A: “Since you have posted multiple questions, we will solve the first question for you. To get the…

Q: Which of the following gives the details about the financial position of the business?

A: Finance - This is related to the Financing activities which includes borrowing money from the bank…

Q: What information is made available about the business in the following financial statements: a.…

A: A compilation of summaries of a company's monetary results, financial position, and cash flows is…

Q: accounting records the impact of a business event when it occurs, regardless of whether the…

A: There are two concepts of accounting, which are used mostly. These are cash basis of accounting and…

Q: Accounting term

A: Option a is wrong because business assets may not be same with business profits and losses. Option b…

Q: Essay - cite sources: Besides earning a profit, what other objectives might a business have? How…

A: Profitable businesses sometimes go under because they don't remain competitive or advance with the…