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Accounting in Action
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Accounting in Action
What is accounting? What are the basic activities of accounting?
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Briefly explain the Generally Accepted Accouting Principles (GAAP)
Solution
Who are internal users of accounting data? How does accounting provide relevant data to these users?
Solution
Who are external users of accounting data? How does accounting provide relevant data to these users?
Solution
What uses of financial accounting information are made by investors and creditors?
Solution
"Bookkeeping and accounting are the same". Do you agree?
Solution
What is the monetary unit assumption?
Solution
What is the economic entity assumption?
Solution
What is the basic accounting equation?
Solution
Define the term assets., Liabilities and owners equity. What items affect owner's equity?
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