Accounting questions and answers

Q1. Why do dividing linees keep accounting records? What argon the objectives of mo net profitary insurance coverage? If accounting is based on be, why are ethics so cardinal for accountants?Acct. is the selective information system that measures championship activity, processes the information into reports and communicates the results to decision workrsAcct. is the language of cable with which business decisions are madeManagers of businesses use accounting info to lay out goals for their orgs. Evaluate supercharge made towards achieving goals and take corrective bodily process when it?s neededFinancial reporting is used internally by owners + managers to set out decisions, or employees to make collective bargaining agreements for compensation and promotionUsed outwardly by strength investors ? determining viability of investing in a businessBanks ( monetary institutions) ? decide whether to relent loansGovernment entities ( revenue enhancement authorities) ? to kn ow how much tax to chargeMedia and familiar public ? general interest in a businessFinancial statements or financial reports are formal records of a business? financial activities; these statements provide an overview of a business? profitability and financial condition in two the short and long term. These statements implicate:The Balance sheet: a report on a company?s assets, liabilities and net virtue as of a given point in time. As at 30 April 20x7Income statement: report on a company?s results of operations over a period of time, Revenue earn and expenses incurred. For calendar month ended 30 April 20x7Cash flow statement: reports coin flow activities, operating (receipts gross + payments suppliers/employees), investing (acquisition or barter of land) and financing (investment or drawings) crystalise increase/decrease in cash and cash brace between 2 periods for month ended April 20x7Statement of changes in equity: Investments + Net profit ? Drawings. For the month e nded April 20x7Ethics are important because ! it is easy to adjust numbers and create fraudulent financial statements to falsely satisfy investor expectations, meet... If you call for to get a extensive essay, order it on our website: OrderEssay.net

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