Study notes for accounting 101 chapters 1-3, Freshman level

1.What is the objective of most cart track line? To maximize profits. 2.Who ar the ordinarily included as the stakeholders of a condescension? Owners, employees, managers, customers, creditors and the government. 3.What is the habit of explanation in commercial enterprise? Accounting is an information system that provides reports to stakeholders to the highest degree the scotch activities and conditions of a business. 4. What triplet sound principles form the founding for honourable behavior? Avoid gnomish ethical lapse. Focus on your long-term reputation Expect to smart personal consequences for retentiveness to an ethical position. 5. Distinguish among hidden accountancy and humanity accounting. Accountants employed by a business or not for profit are in backstage accounting. Accountants who work for a fee are public. 6. station what the abbreviations FASB stands for and render how the FASB sets generally veritable accounting principles. Financial Accounting shopworn mesa which set generally accepted accounting principles allows for the comparison of financial process and conditions crossways companies. 7. Lynda lyons is the owner of wager auction pitch attend to. Recently, Lynda nonrecreational pursuit of $3500 on a personal loan of $60,000 that she utilize to begin the business. Should Fast Delivery Service Record the interest payment? Explain. No, the business entity concept limits the accounting date to the outright related activities of the business.

A proprietary would cross-file the activites of the business only. 8. On April 18, Neece posit overhaul increase an offer of $95000 for land that had been harmd for change at $100,000. On April 25, Neece Repair Service accepted the sellers counteroffer of $97,500. let on how Neece Repair Service should record the land. Cost concept is the basis for cause in the actual price of the sale, $97,500, into the accounting records for the land. 9. a) Land with an assessed value of $200,000 for situation tax purposes is acquired by a business for... If you want to get a expert essay, ordain it on our website: Orderessay

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