Connect Accounting Homework Answers Ch 1

Accountng 2301 ChapTer 1 HomeworkConnect accounTng1. Match each of the numbered descriptions with the principle or assumption it best reflects.DescriptionPrinciple/Assumption1.A company reports details behind financial statements that would impact users’ decisions.Full disclosure principle2.Financial statements reflect the assumption that the business continues operating.Going-concern assumption3.A company records the expenses incurred to generate the revenues reported.Matching (expense recognition) principle4.Derived from long-used and generally accepted accounting practices.General accounting principle5.Every business is accounted for separately from its owner or owners.Business entity assumption6.Revenue is recorded when products or services are delivered.Revenue recognition principle7.Usually created by a pronouncement from an authoritative body.Specific accounting principle8. Information is based on actual costs incurred in transactions.Cost principle2. Zen began a new consulting firm on January 5. The accounting equation showed the following balances after each of the company’s first five transactions. Analyze the accounting equation for each transaction and match the given transaction with its most likely description.Assets=Liabilities+EquityTransactionCash+AccountsReceivable+OfficeSupplies+OfficeFurniture=AccountsPayable+CommonStock+Revenuesa.$40,000+$0 +$0 +$0 =$0 +$40,000 + $0b.

McGraw Hill Connect Financial Accounting Answers Chapter 1 Homework Help

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Chapter 1 of McGraw hill connect financial accounting discusses the purpose of accounting required for a business organization. The financial accounting helps provide essential information that can benefit the business in taking investment decisions, loans and other business decisions. We at myhomeworkhelp.com make every effort of making the journey of the lesson a pleasurable one. The chapter is well grasped with McGraw hill connect financial accounting answers chapter 1 help.

Nature of the subject

The chapter takes into the fundamental nature of the financial accounting.

It comprises of learning the Accepted Accounting Principles (GAAP) and its importance. The Securities and Exchange Commission (SEC) significance is described at length. It takes time to understand the function of FASB (Financial Accounting Standards Board) and how the members are responsible for setting the rules for accounting. There are more to it like learning about the cash flow, external auditing, cost accounting, tax auditing, preparation of financial statements and more.

Elements ofMcGraw hill connect financial accounting answers chapter 1

The lesson is vast and consists of various subtopics comprising of the following-

  • Financial accounting Preparation
  • Managerial accounting Cost accounting
  • Tax accounting Preparation
  • Accounting-related Lending
  • Analyzing and interpreting reports
  • Presenting financial information and so on.

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Many assignments insist on the IASB (International Accounting Standards Board). Students are expected to identify the chosen practices across the globe to come to harmonizing accounting practices. When it comes to financial accounting preparation, there is an entire process of analysis, auditing, consulting, and investigation involved. It is quite strenuous and time-consuming to get all the details at one length.

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