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Class Notes for Financial Accounting, 10th Edition

Class Notes for Financial Accounting, 10th Edition makes studying easier with well-organized, concise notes.

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1-1Chapter 1:The Financial StatementsLearning Objectives1.Explainwhy accounting is the language of business2.Explain and applyunderlying accounting concepts, assumptions, and principles3.Applythe accounting equation to business organizations4.Evaluatebusiness operations through the financial statements5.Constructfinancial statements andanalyzethe relationships among them6.Evaluatebusiness decisions ethicallyQuestions You Should Be Able To AnswerLearning ObjectiveQuestion(s)AnswerFor practice1.Explain whyaccounting isthe language ofbusinessWhy is accountingconsidered the language ofbusiness?What are the waysbusinesses can beorganized?Accountingcommunicateseconomicinformation. Thebetter youunderstandaccounting, thebetter you canunderstand andcommunicate inbusiness terms.Proprietorship: soleowner with personalliabilityPartnership: morethan one owner,often with personalliabilityCorporation: morethan one owner, withlimited liabilityS1-7, S1-8, S1-9S1-32.Explain andapplyunderlyingconcepts,assumptionsand principlesof accountingExplain thefollowingconcepts, assumptions, andprinciples:(1)Entity assumption(2)Continuityassumption(3)Historical costprinciple(1)Each organizationis separate(2) Entity willremain in business(3) Assets recordedat actualcostS1-4, S1-5,S1-15

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Document Details

Subject
Physics
Textbook
Conceptual Physics by Paul G. Hewit...

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