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Communication of economic events is the part of the accounting process that involves?
Communication of economic events is the part of the accounting process that involves what
The accounting process is concerned with internal and external transactions representing economic events?
The accounting process is concerned with both: internal and external transactions representing economic events.
What events had influence the economic activity?
the events that influence the economic activity is the banking crises recession because our country is in debt
What is the monetary unit assumption?
"The monetary unit assumption requires that companies include in the accounting records only transactions data that can be expressed in terms of money. This assumption enables accounting to quantify (measure) economic events. The monetary unit assumption is vital to applying the cost principle. This assumption prevents the inclusion of some relevant information in the accounting records. For example, the health of the owner, the quality of service, and the morale of employees are not included. The reason: Companies cannot quantify this information in terms of money. Though this information is important, only events that can be measured in money are recorded." Source: "Accounting Principles" Wiley. 8th edition. Weygant; Kieso; Kimmel.
What are the external forces that can affect a business?
· Government, legal framework, economic climate, world events, pressure groups, consumer's tastes, change in population, competition, social factors, environmental factors.
Communication of economic events is the part of the accounting process that involves?
Communication of economic events is the part of the accounting process that involves what
The accounting process is concerned with internal and external transactions representing economic events?
The accounting process is concerned with both: internal and external transactions representing economic events.
What has the author Edgar Owen Edwards written?
Edgar Owen Edwards has written: 'Accounting for economic events' -- subject(s): Accounting
What Is The Different Between Bookkeeping And Accounting?
Bookkeeping simply concerns with the recording of transactions in the books of accounts while accounting records, sums up, examines and communicates the financial data/transactions/economic events.
Which of the following is the most appropriate and modern definition of accounting?
The information system that identifies, records, and communicates the economic events of an organization to interested users.
Similarities between cost, financial and management accounting?
A chart of accounts provides a listing
What are the three definition of accounting?
1. accounting is a service activity, it's function is to provide quantitative information, primarily financial in nature, about economic entities which are intended to be useful in making economic decisions. 2. accounting is the process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information. 3. accounting is the art of recording, summarizing and classifying in a significant manner and in terms of money, transactions and events, which are in part at least, of a financial character and interpretation of the results thereof.
What does the accounting process begins with?
transactions and events
What definition of accounting?
A narrative or record of events.
Definition of accounting according to AAA?
The process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information. It suggests accounting information is economic information.
What affects a business externally?
Several external factors affect a business. This includes political events, social changes, as well as the economic performance of the country.
Explain what accounting is?
In simple terms Accounting is the process(technique) of identifying, recording, summarizing, analysing and interpreting transactions & events.
