accounting-is-sometimes-called-the-language-of-_____-a-wall-street-b-business-c-main-street-d-financ

Question

Accounting is sometimes called the “language of _____.”
A. Wall Street
B. business
C. Main Street
D. financial statements

Puneet Prajapati · Accepted Answer

Okay, so let&#x27;s understand this solution. Wait. So let&#x27;s suppose there is an example. Do business off setting boundaries. Okay. No, the business entity employs many off the functions. Okay. Like John John means human resources. A child division off the company hires, hires and fires the employees from the business to get the optimum number of employees to run the business. OK? And they it isn&#x27;t production. Depart Great. Who oversees the production activities of the business. And there is also a finance department. It&#x27;s which dig scared off all the awful the activities record difference. So, in a nutshell, we can see here the specific specific part begins, say the most. But I&#x27;m any activity which is being get it out in business overnight they be more s. Yeah. So the founding is also yes, language off business language of business means language of business means that the accounting provides the grounding function within. Then he provides of that is persons that&#x27;s employees, investors, owners like different I Paul&#x27;s different item information relating to activities off the business. Thank you. So that is very through abounding various types of person within range 80 to each other, relation to actively something. Okay, so we have. So the correct choice for the drop is okay. Oh, okay. So sorry for the interruption. So this is we have a final answer in his own, no less language off business. So the choice for the problem, miss be? Thank you.

Puneet Prajapati · Answer

Okay, so let&#x27;s understand the current solution. But before moving to the main solution, I will write down the humble names which is being boarded in financial statements. Okay, so next stock, So financial statements. So every day above entity is required to prepare the financial statements. Okay, Now, what happens when they did it prepares the financial statements, it prepares the falling come parents in the order in which I&#x27;m going to write. Okay, so income statement has a different purpose. Okay, Followed by that we have a different statement that is known as that achieved okay and floated by that VF statement off gas. Okay, now out off the out of these three, only the balance sheet. Only Bellingen will be able to assess the financial position often Entity. Now what is the financial position will understand it also so that you can get a clear idea that by every, you know, giving more focused. Oh, balance sheet. Okay, let&#x27;s it so let&#x27;s see. What is Van Ingen position like? And we&#x27;ve been their balance sheet. What happens here? The innocents I&#x27;m drawing the the recent form a 1,000,000,000 shapes OK? Do not confuse you. I&#x27;m drawing this because to make it more clear that why do we have it? Who says the financial position often end? Okay, no one owns. This is the dumb which the company has to pay off their creators. Okay? It&#x27;s like it&#x27;s like, alone. Okay, so I&#x27;m reacting to that A That could happen. So that would be a danger to us. Like because whatever. We have to pay a day just like my movie and professional, That&#x27;s time. But I think you didn&#x27;t know that our capital isn&#x27;t above investment. Okay, That has been made about the owner of the business, OK, And a safe side recovery was you covered it with throw systems and many more components that included in the SX. However, true analyzing these three domes, we can understand that there companies standing which can only be given by balance sheet in a semi wasteful. Okay, so our balance sheet explains the financial position of the entity. So what is the character is 40 problem then, which gives which statement gives the financial position of the company. Okay, it&#x27;s bellen ships of what is the correct choice? The correct choices. You Okay, so that&#x27;s all for our solution are. You can try Chief number one as well as to for your future reference. Okay, that&#x27;s all for dissolution. Thank you.

Puneet Prajapati · Answer

So let&#x27;s understand the meaning of statement of cash flow. Okay, But before that, we will ride down that What type of statement are included in financial statements? Every type of entity, the bear. Financial statements for assessing the financial position as well as other positions of the entity. Okay, now I&#x27;m writing in the order. Okay. So, income statement? Yeah. Is the first statement which is prepared. Okay. Followed by that we have balance sheet. Okay. After that, we have statement of cash flow. Okay, So these three statements, however there are there is one. Also, there is one other statement also, which is prepared as a part of financial statements. But we are not discussing here because, you know, these these statements are the traditional segments which are used to be prepared as part of the patient of fantastic things. So what does the income statement do? Okay, it assesses the profitability. You can write down the notes, which I&#x27;m writing for future references. Okay. However, it is not mandatory. Okay, So the income statement enables the entity to assess the profitability situation of the company. Like like we prepare income statement on a year to year basis like how much profit or loss the company has generated from operating its main activities for which the entity has been established. Okay, so how much profit or loss has been generated from such activities? Okay, to the now, what does the balance you do? Balance sheet indicates the financial position. However, balance sheet is itself, you know, summarized very brief, summarised form of and produce financials. It will not give. It will not give any user the proper readability into summarized into detailed form. Okay, so that is why we use different types of statement to understand the balance sheet properly. Because balance, it is itself for very high level somebody. Okay, so balance sheet enables to enables an entity to understand it. Financial position. Okay, there this is where is the start? Statement of cash flows enables the entity to assess the financial position. That&#x27;s a good thing on a cash basis. Okay, Like the statement of cash flow is prepared to assess the financial position. Or we can say the cash flow position of the entity. Three types of activities are included in statement of cash flow. Okay. First one is operating activities. Operating activities are those for which the business has been established. Let&#x27;s suppose you are in business of construction business by construction houses, infrastructure like that. So operating operating activities will be considered as your construction activities, like whatever type of cash flow will be generated or paid into construction activities will be Yeah, will be considered in operating activities. Okay, any type of cash, but from construction business will be considered an operating activities, then other is investing activities. Okay. Investing activities. Yeah. The third one is financing activities. Okay, so we will understand these freedoms in later subject when we will face much advanced problems related to this casual statement. However, the portion has asked us at which of the following which of the following statement provide the cash flow position of an entity. So out of the out of these three, the last one the statement of cash flow, it provides the cash flow position of an entity. Okay. Like, it enables the entity to understand that how much cash flow is being generated by each of the activity. Okay. And how much of the cash is being spent on each of the activity? Okay, so then we will get to summarize form of cash flow position Okay of entity itself. Okay, so the correct choice solve our problem. Yes. See? Okay, you can go down sheet number one and number two as part of your notes for for future reference. However, that&#x27;s all for the solution. That is Choice E. Thank you.

Puneet Prajapati · Answer

okay, Selectors understand the solution from from the example. But before that, Okay, But before that, we will go over accounting cycle accountings. I can the big Zach that their cities of events after the after the financial transaction execution there is the cities of it burns through which every financial transaction goes through and reaches their destination office. But I didn&#x27;t shoot. Oh, this seems very, very to reason. Okay, But still, it is the case in accounting at the subject. OK, now let&#x27;s start our process. First of all, in any business ended it. There is a financial protection originals finance, which involves money. Okay, Because before recording everything before debating financial statements, there needs to be a financial religion, which is to be recorded, first of all. So this is the first step, please. Right now, I don&#x27;t know. So that you get you can devise it before exams are You know, sometimes whenever anyone asks from you the financial transaction, then what happens when there is a financial transaction? How to keep the guard off it? There is a vulture. Okay, there is a vulture. It&#x27;s like a received, but is he just Ah generally see type. It&#x27;s a paper form received. So every financial transaction executed will be recorded on that. Be about farm received. Okay. Now, after financial transaction, there is a recording off transmission. Because I didn&#x27;t. Unless a financial donation will be recorded, the financial transaction executed will be off. Norbert do, indeed, because it has been reported. So there will be no proof off financial damage in the business. Okay. And how do we recorded where Toby recorded? That&#x27;s also understand. I&#x27;m going to rub this out, okay? We&#x27;ll make green diagram. So very garden journal. Okay. Soldered by that after bidding after recording a cities of financial Dominicans. Okay. A CDS, often in child protection. We post we posed them toe different types of the year comes or tear downs, we can see ledgers. Okay. No. What happens in the legislature to suppose we have 100 off other Children? Login, These will be recorded in the German 100. Relations for by that ve vill, we will post those 100 financial religions Two ledgers alleges in a farm off. You can also bigger Desert Dagenham. I&#x27;m just making a bracket. This is a letter for like, there is a devil it is some David items. Here are some concrete items. That sort. We will discuss it later on when we will face his problems. Okay, but for the sake of understanding, just take a note off it. Okay? After posting, we have some. Amazing. We have a summarizing process. Graviton. Somebody. Okay. How do we summarize? The ledgers are posting process. Okay, the then we do it through cloud balance. Okay. The Taliban&#x27;s in summary off balance is off. All the accounts in a summarized for like, the air. We have names off the accounts, and against that, the amount has been returned to reflect that. What is the deputy operated balance off every account. Okay, so except somebody&#x27;s phone forward by that, we have a final steps. You&#x27;ll find a step off finding just ignorance. Okay. Okay. So that is That is what? Every time. So the 1st 1 is financial panic. An execution for this posting and the process through which posting will be done. How are you? Can say the activity is making ledgers. Prove is the posting. Activity can be done for. About that, we have to summarize the ledgers, so we will use traveling to do that after, like the values we will prepare fanciest. Our statements by travel minutes. Okay, No. In the given caution, we have been us. That which of the main source of information used to prepare the financial statements. So now, from this diagram from this diagram, we can understand, or we can clearly correlate their trial balances used to prepare the financial statements. So the correct choice for problem 40 is see doctors to see cabinets. Okay. You need to make sure that you will. You will George it down. What? I have written in the first year. So that would be easy for you to devise before it sounds okay. That&#x27;s all for your solution. That&#x27;s all for your solution. Thank you.

Puneet Prajapati · Answer

Okay, so let&#x27;s understand. Dicker Institution. Okay? The ocean is as this. That What? What are the company&#x27;s? Okay? What are the headings of definitive statements off the balance sheet? Basically. Okay, So we when we prepare the financial statement, he most looked a bit bellen Shit. We are free. Who? Belen shipped in specific. Wendy, when we&#x27;re talking about the current problem. Okay. So what? How do we prepare or report people achieved or weaken seven inches treatments to our managers. Okay. 1,000,000,000 sheet. Right? Okay. As act the date. Alexa date 31st December 2090 and they&#x27;re completely a vehicle. Okay, so this is the first reading. This is the second hurting. And this is the eternity. Okay. However, it is not appropriate to present this this heading in these jobs. But as for the equipment of potion, I have surgery. The three dumps in the in disorder, okay, like it is mostly send a DeLorean dirt headaches send over indebted means like the right balance sheet. That is the name of statement. Okay, then the light, as at the dying period, or begins a fiscal hearing. It&#x27;s Coleraine. Then we like the name off. Okay? So these are the three learning lines off the I mean, just take players and what is with choice and use all of these. Well, okay. Okay. So Choice E. Okay, so the correct choice. So the correct choices. Hey, because it includes all of the three items or we can see all of it. Three heading lines for differences. Statements. Okay, that&#x27;s all for the solution. Thank you.

Puneet Prajapati · Answer

Okay, so let&#x27;s understand the accounting cycle first. Then we will understand which process of the company&#x27;s second request more analytical thought. Okay, so the abounding Zaken So we&#x27;ll go with the diagram because it will give you a more elaborated idea. Okay, so first up on first of all, we have a transaction. We have a dog, then we will have a journal entry. It&#x27;s it is mostly concerned with recording Oh, transaction, because before recording the tradition, they need to be a transaction. So therefore first step than recording off the transaction, then ledger after the cities of conviction. After making a general increase or recording the competition, people create ledgers. The knock of that the evil act Trial bellies. It&#x27;s like a symbolized summarize position of all the letters Advil Place. We will understand these terms in detail or be bill, draw these Georgie&#x27;s formers, along with the new medical problems, get an idea that how how old this process works. So this is third. This is for this is the more traditionally I&#x27;m going, I&#x27;m beating right now. Then comes the occupation of financial statements. This is a more straightforward I have a meeting some of the terms like closing it. Losing, adjusting entries, closing, closing campgrounds hosting and all that toe make it most clear. So within this accounting cycle, within this accounting cycle, which process requires the most analytical thought it will discuss it right now. Okay, So the most analytical tart will be required in case off accordingly. Conviction in this process content the guards, the traveler chip. Bye. Giving effect by giving effect. So the multiple accounts I was in the entity. After executing the financial transaction, the content will be able to regard such tradition in the general off the company. Now what is you know, how will he regarded on what basis he will reportedly be? Lex People explain this further. Benji will face such type of puppets. But before that, it requires the recording of the damage and requires more political talk because it involves four basic terms as off now. I wouldn&#x27;t say Violet According to election regard, introduction choirs, More knowledge across married people. Idiots. Okay, suggests calculation. Expects knowledge off financial reporting, financial reporting standards. It&#x27;s a knowledge of applicability. At least give Nitti off. Well, here&#x27;s to company. The list is not at all exhaustive because because it requires experience. Foreign account. It requires experience for in the caldron record different type of different types of religion which an accountant or an entity face during the life or something. Business. So, for the current problem, Dean, we have the correct choice. It is. Hey, that&#x27;s all for the solution. Thank you.

Problem

Financial accounting information ________. A. sh…

Problem 1 Easy Difficulty

Accounting is sometimes called the “language of _____.”
A. Wall Street
B. business
C. Main Street
D. financial statements

Answer

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Mitchell Franklin, Patty Graybeal, Dixon Cooper

Principles of Accounting Volume 1: Financial Accounting

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Principles of Accounting Volume 1: Financial Accounting

Mitchell Franklin, Patty Graybeal, Dixon CooperPrinciples of Accounting Volume 1: Financial Accounting

Mitchell Franklin, Patty Graybeal, Dixon Cooper

Principles of Accounting Volume 1: Financial Accounting