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Basic function of accounting?
to keep a set of books for business with an information system that provides reports to users about the economic activities and condition of a business.
The accounting principle that requires financial statements to report all relevant information about the operations and financial condition of a company is called?
Full Disclosure Principle
Is the adequate disclosure accounting concept is applied when financial statements contain all information necessary to understand a business's financial condition?
yes, yes it is
Purpose of accounting?
The purpose of the financial statements is to provide a factual information and fair view information regarding the state of the financial condition and operating results of the business and should display cleary the financial information for the intented parties not to be misled with their judgments and decisions.
Is it true that the sole purpose of accounting is to help managers evaluate the financial condition of the firm so that they may make better decisions?
No. Accounting information is used by managers to make decisions and plans; but it is also commonly used by investors to make investment decisions and creditors (such as banks) to make lending decisions.
What do you mean by inflation account?
As in accounting inflation is the rise in price of any goods or commodity, which helps accounting to persue the relevant terms & condition according to the market condition.
Is it correct to say when an accounting position arise?
No, the subjunctive is not required because "when" does not introduce a contrary-to-fact condition.
If a state has right to work laws what does that mean for the businesses in that state?
Businesses cannot require workers to join a particular labor union as a condition of employment.
The sole purpose of accounting is to help managers evaluate the financial condition of the firm so that they may make better decisions?
true
What is Sage Accounting Software ?
All the business-related accounting operations can be performed by the Sage accounting software. It helps in assisting the payroll and also in evaluating the taxes of the employees. Further, the user can handle several transactions of their business by the Sage accounting software. It mainly assists in managing business-related accounting operations.It assists in handling the payroll and assessing business taxes.Sage accounting software has been created to assist countless transactions that are taking place in the business. There are various features of Sage accounting software. These features of the software help to maintain the accounting that raises the performance and the profibilty of the business.• Exclude Human ErrorThere are various computerized storing of all your financial information that reduces the risk of human error. The human error can be of joining down the incorrect figures of misplacing important accounting info. There may be small errors that may leave a kind of disastrous effect on the financial condition of the business.• Real financial informationYou have to check all the transactions and your cash flow as the system gets updated automatically.
What is the need of management accounting in a business?
management accounting is needed to know the financial condition of the business .it reports to those inside the organisation for planning ,directing,motivating,controlling and performance evaluation. it gives special emphasis on decision affecting the future.
What does arm's length mean?
In accounting, these are transactions which are accepted by both parties (e.g. buyer and seller) without the need of another agreement or condition.
