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Which of the following is the best summary of accounting"s function in business?a. Accounting provides stockholders via information concerning the market value of the company"s stocks.b. Accounting provides information to supervisors to operate the organization and also to other individuals to make decisions regarding the economic condition of the agency.c. Accounting helps in decreasing the credit hazard of the company.d. Accounting is not responsible for giving any kind of create of indevelopment to individuals. That is the role of the Information Solution Department.
Accounting gives details to supervisors to run the business and to various other customers to make decisions concerning the financial condition of the company
Which of the following is not a role of accountancy in business?a. To administer reports to individuals about the economic tasks and also problems of a company.b. To personally guarantee loans of the business. c. To provide information to other individuals to recognize the financial performance and problem of the business.d. To assess the assorted informational demands of customers and also architecture its accounting device to fulfill those demands.
The Sarbanes-Oxley Act of 2002 prohibits employment of auditors by their clients for what duration after their last audit for the client? Inabsolutely One year Two years There is no such prohibition.
For bookkeeping functions, the company entity need to be taken into consideration separate from its owners if the entity is a corporation a proprietorship a partnership all of the above
Equipment via an approximated market value of $30,000 is readily available for sale at $45,000. The equipment is got for $15,000 in cash and also a note payable of $20,000 due in 30 days. The amount supplied in the buyer"s accountancy records to record this acquisition is $30,000 $35,000 $15,000 $45,000
Which of the adhering to ideas relates to separating the reporting of service and personal financial transactions? Cost Concept Unit of Meacertain Concept Firm Entity Concept Objectivity Concept
The accounting equation may be expressed asa. Assets = Equities - Liabilities b. Assets + Liabilities = Owner"s Equity c. Assets = Revenues much less Liabilities d. Assets - Liabilities = Owner"s Equity
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