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Understanding what is the purpose of the balance sheet in accounting?
In financial accounting, a balance sheet or statement of financial position is a summary of the financial balances of a sole proprietorship, a business partnership, a corporation or other business organization, such as an LLC or an LLP. [ Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A balance sheet is often described as a "snapshot of a company's financial condition. ]
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Asked 11/4/2013 8:21:14 AM
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Understanding why accounting is the language of business?
Weegy: Accounting is the language of business because it fills the need for a common language of business. It records and processes financial information into an easily accessible format that can be understood by any person in the business world. [ For a business to properly function, effective methods of communication among owners, managers and investors are essential. ] (More)
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what is the purpose of the separate legal entity for accounting?
Weegy: The purpose of a separate legal entity in accounting is to establish that the organization's transactions are recorded separately by the accountant. [ Even if the shareholders are the owners of the business and the management looks after the business, their personal expenses are different from those of the organization. The business transactions are recorded as an entirely separate unit. This separation of the expenses is a part of the accounting ethics and is also necessary for smooth functioning of the organization. The accounting entity assumption is that the income and expenses of the organization should be kept separate from the personal expenses because the business conducts its own financial dealings and prepares financial statements to record the same. Read more at Buzzle: ] (More)
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what is the purpose of the revenue recognition principle in accounting?
Weegy: The purpose of the revenue recognition principle in accounting is to determine the specific conditions under which income becomes realized as revenue. (More)
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Asked 11/3/2013 1:49:54 PM
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