Thursday, April 4, 2013

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 numbers, why are ethics so cardinal for accountants?Acct. is the information system that measures business activity, processes the information into reports and communicates the results to decision workrsAcct. is the language of business with which business decisions are madeManagers of businesses use accounting info to set goals for their orgs. Evaluate supercharge made towards achieving goals and take corrective action when it?s neededFinancial reporting is used internally by owners + managers to make decisions, or employees to make collective bargaining agreements for compensation and promotionUsed externally by strength investors ? determining viability of investing in a businessBanks ( financial institutions) ? decide whether to relent loansGovernment entities (tax authorities) ? to know 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 include: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 earned and expenses incurred.

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For month ended 30 April 20x7Cash flow statement: reports cash flow activities, operating (receipts gross + payments suppliers/employees), investing (acquisition or sale 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 ended April 20x7Ethics are important because it is easy to adjust numbers and create fraudulent financial statements to falsely satisfy investor expectations, meet...

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