which of the following describes an activity associated with accounting course hero

What is the basic definition of accounting Quizlet?

Feb 11, 2020 · 12. Which of the following best describes the activities of the accounting function? a. inventory control, accounts payable, fixed assets, and payroll b. fixed assets, accounts payable, cash disbursements, and cost accounting c. purchasing, cash receipts, accounts payable, cash disbursements, and payroll d. inventory control, cash receipts ...

What is the main purpose of Accountancy?

12. Which of the following best describes the activities of the accounting function? a. inventory control, accounts payable, fixed assets, and payroll b. fixed assets, accounts payable, cash disbursements, and cost accounting c. purchasing, cash receipts, accounts payable, cash disbursements, and payroll. a. inventory control , accounts payable ...

Which of the following accounts have a normal credit balance?

Dec 11, 2016 · 50. Which of the following best describes a company's operating activities? A.Operating activities are cash flows directly related to earning income. B.Operating activities are necessary to provide the money to start a business.C.Operating activities are needed to provide the valuable assets required to run a business.

Which account is used to accumulate debit and credit entries?

c. purchasing, cash receipts, accounts payable, cash disbursements, and payroll d. inventory control, cash receipts, accounts payable, cash disbursements, and payroll e. inventory control, cost accounting, accounts payable, cash disbursements, and payroll 13. Which statement best describes the issue of distributed data processing (DDP)? a. The centralized and DDP …

What is an activity associated with accounting?

Accounting. The information system that identifies, records, and communicates the economic events of an organization to interested users. Three Basic Activities of Accounting. Identifying, Recording, and Communicating.

Which of the best describes accounting?

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 would be considered a current asset?

Current assets include cash, cash equivalents, accounts receivable, stock inventory, marketable securities, pre-paid liabilities, and other liquid assets. Current assets are important to businesses because they can be used to fund day-to-day business operations and to pay for the ongoing operating expenses.

What are the three things that accounting shows?

Take a look at the three main rules of accounting:Debit the receiver and credit the giver.Debit what comes in and credit what goes out.Debit expenses and losses, credit income and gains.Mar 10, 2020

Which one of the following best describes the financial accounting function?

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.

Which of the following best describes accounting principles in general quizlet?

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.

What are accounting assets?

An asset is a resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit. Assets are reported on a company's balance sheet and are bought or created to increase a firm's value or benefit the firm's operations.

What is current accounting?

Current value accounting is the concept that assets and liabilities be measured at the current value at which they could be sold or settled as of the current date.Oct 19, 2021

What are liabilities in accounting?

A liability is something a person or company owes, usually a sum of money. Liabilities are settled over time through the transfer of economic benefits including money, goods, or services.

What is accounting and process of 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.

What are the 4 types of accounting?

There are different types of accounting which are as follows:Cost Accounting. Cost accounting aims to record the total production cost of a business. ... Financial Accounting. ... Managerial Accounting. ... Tax Accounting. ... Forensic Accounting. ... Helps to Create Budget. ... To Obtain Loans From Banks. ... Decision Making.More items...•Jul 29, 2021

What is accounting and types of accounting?

According to the double entry system of bookkeeping, there are three types of accounts that help you to maintain an error-free record of your journal entries. Each account type has a rule to identify its debit and credit aspect called as the Golden Rule of Accounting. The accounts are: Personal Accounts. Real Accounts.

Which accounting function contributes directly to operations related to the business?

These functions are cost accounting, inventory control, account payable, payroll accounts, account receivable, fixed assets accounting, billing and the general ledger. Therefore, the correct option is a.

What is the accounting function?

And this process includes two important functions of recording the financial effects related to the economic events in processing of the transaction and gathering the transaction information related to the operation personnel to coordinate the key tasks.

What is the communication activity in accounting?

The communication activity of the accounting process provides useful financial reports to users and provides various techniques, such as formatting of reports, charts and graphs, and ratios, to users to help them interpret the content of the reports.

What is trial balance in accounting?

The trial balance is a listing of all accounts from, the general ledger with their respective debit or credit balance.

Why is a trial balance prepared?

It is prepared at the end of a period to ensure that the sum of debit balances equals the sum of credit balances. This procedure may reveal the existence of certain errors. It is also useful in preparing financial statements. Explain how it is possible for a trial balance to be in balance but still be in error.

What is the purpose of a balance sheet?

The purpose of a balance sheet is to present a firm's assets, liabilities, and stockholders' equity on a given date. The purpose of a statement of cash flows is to report information about cash inflows and cash outflows during a period of time. The cash flows are grouped into three categories: operating activities, investing activities, ...

What is the purpose of income statement?

The purpose of an income statement is to report the results of operations for a period. It does this by listing a firm's revenues and expenses for the period. The purpose of a statement of stockholders' equity is to report the events causing a change in stockholders' equity for a period. These events include owner investments and dividends and ...

What is stockholder equity?

Answer: D. Stockholders' equity refers to the ownership (stockholder) claims on the assets of the business. Stockholders' equity represents a residual claim on the business's assets, that is, it is a claim on the assets of a business that remain after all the liabilities to creditors have been satisfied (net assets).