Mar 04, 2022 · Which of the following best describes accounting? - is an information system that provides reports to users regarding economic activities and condition of a business. 1. Which of the following groups are considered to be internal users of accounting information? …
Which of the following best describes accounting? It is an information system that provides reports to users regarding economic activities and condition of a business. Prepaid expenses, such as prepaid insurance, are an example of a liability.
Which of the following best describes accounting principles in general? They outline the fundamental rules and concepts and establish the framework on which detailed accounting standards are based. It provides guidance on how to record transactions when there is uncertainty.
1Which of the following best describes accounting principles in general? Your AnswerThey outline the fundamental rules and concepts and establish the framework on which detailedaccounting standards are based.
Step 1: Identify Transactions Each one needs to be properly recorded on the company's books. Recordkeeping is essential for recording all types of transactions. Many companies will use point of sale technology linked with their books to record sales transactions.
Which definition best describes financial accounting? Measuring a company's business activities and communicating those measurements to external parties. Financial accounting provides information primarily to: Investors and creditors.
An accounting as an information system (AIS) is a system of collecting, storing and processing financial and accounting data that are used by decision makers. An accounting information system is generally a computer-based method for tracking accounting activity in conjunction with information technology resources.
What Are Accounting Principles? Accounting principles are the rules and guidelines that companies must follow when reporting financial data. The Financial Accounting Standards Board (FASB) issues a standardized set of accounting principles in the U.S. referred to as generally accepted accounting principles (GAAP).
Which of the following is the best description of accounting's role in business? Accounting provides information to managers to operate the business and to other users to make decisions regarding the economic condition of the company.
The purpose of accounting is to accumulate and report on financial information about the performance, financial position, and cash flows of a business. This information is then used to reach decisions about how to manage the business, or invest in it, or lend money to it.Jan 19, 2022
The accounting process is the series of steps followed by the business entity to record the business financial transactions that include steps for collecting, identifying, classifying, summarizing and recording of the business transactions in the books of accounts of the company so that the financial statements of the ...
What Is Accounting? Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities.
Types of accountingFinancial accounting.Managerial accounting.Cost accounting.Auditing.Tax accounting.Accounting information systems.Forensic accounting.Public accounting.More items...