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

1.What is the objective of most rail line? To maximize profits. 2.Who ar the ordinarily included as the stakeholders of a condescension? Owners, employees, managers, customers, creditors and the government. 3.What is the section of explanation in pipeline? Accounting is an in induceation dodging that provides reports to stakeholders about the scotch activities and conditions of a business. 4. What three sound principles form the foundation for honourable behavior? Avoid small honorable lapse. Focus on your long-term reputation Expect to stylishness personal consequences for holding to an ethical position. 5. Distinguish between enigmatical accounting and public accounting. Accountants employed by a business or not for profit are in flank accounting. Accountants who work for a fee are public. 6. Identify what the abbreviations FASB stands for and come back how the FASB sets generally accepted accounting principles. Financial Accounting standardised mesa which set GAAP allows for the comparison of financial surgery and conditions crossways companies. 7. Lynda lyons is the owner of betting Delivery attend to. Recently, Lynda paid touch on of $3500 on a personal loan of $60,000 that she use to begin the business. Should Fast Delivery Service Record the interest payment? Explain. No, the business entity concept limits the accounting date to the straight off related activities of the business.

A proprietorship would record the activites of the business only. 8. On April 18, Neece Repair overhaul extended an offer of $95000 for land that had been harmd for trade at $100,000. On April 25, Neece Repair Service accepted the sellers coun teroffer of $97,500. take up how Neece Rep! air Service should record the land. Cost concept is the ass for entering the actual price of the sale, $97,500, into the accounting records for the land. 9. a) Land with an assessed assess of $200,000 for property tax purposes is acquired by a business for... If you necessitate to get a expert essay, order it on our website: OrderEssay.net

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