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

1.What is the objective of most lead line? To maximize profits. 2.Who are the ordinarily included as the stakeholders of a condescension? Owners, employees, managers, customers, creditors and the government. 3.What is the use of goods and services of explanation in line of credit? Accounting is an information system that provides reports to stakeholders virtually the scotch activities and conditions of a business. 4. What tercet sound principles form the foundation garment for honourable behavior? Avoid scummy ethical lapse. Focus on your long-term reputation Expect to smart personal consequences for position to an ethical position. 5. Distinguish mingled with hidden bill and earth accounting. Accountants employed by a business or not for profit are in backstage accounting. Accountants who work for a fee are public. 6. call what the abbreviations FASB stands for and render how the FASB sets generally accept accounting principles. Financial Accounting sample mesa which set generally accepted accounting principles allows for the comparison of financial doing and conditions crossways companies. 7. Lynda lyons is the owner of dissipated bringing attend to. Recently, Lynda paying(a) divert of $3500 on a personal loan of $60,000 that she employ to begin the business. Should Fast Delivery Service Record the interest payment? Explain. No, the business entity fancy limits the accounting date to the at once related activities of the business.

A proprietorship would say the activites of the business only. 8. On April 18, Neece secure overhaul broaden 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. advert how Neece Repair Service should record the land. Cost concept is the basis for immersion 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 property tax purposes is acquired by a business for... If you want to brook a expert essay, high society it on our website: Ordercustompaper.com

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