HSC Accounting 1st Paper Suggestion and Question Patterns 2020-2. Accounting or accounting is the production of information about a company and the transmission of such information to those who have with those who need it. Communication is generally in the form of financial statements that present in monetary terms the economic resources under the control of the management, the art lies in the selection of relevant information for the user and is a faithful image. The accounting principles are applied to commercial entities in three divisions of artistic practice, the name of the accounting and audit.
HSC Accounting 1st Paper Suggestion and Question Patterns 2020-2
Model Question No. 2
This explanation of accounting basics will introduce you to some basic accounting principles, accounting concepts, and accounting terminology. Once you become familiar with some of these terms and concepts, you will feel comfortable navigating through the explanations, quizzes, quick tests, and other features of AccountingCoach.com.
Some of the basic accounting terms that you will learn include revenues, expenses, assets, liabilities, income statement, balance sheet, and statement of cash flows. You will become familiar with accounting debits and credits as we show you how to record transactions. You will also see why two basic accounting principles, the revenue recognition principle and the matching principle, assure that a company’s income statement reports a company’s profitability.
In this explanation of accounting basics, and throughout all of the free materials and the PRO materials—we will often omit some accounting details and complexities in order to present clear and concise explanations. This means that you should always seek professional advice for your specific circumstances.
Did you know? To make accounting even easier to understand, we created a collection of premium materials called Accounting Coach PRO. Our PRO users get lifetime access to our visual tutorials, seminar videos, cheat sheets, flashcards, quick tests, quick tests with coaching, business forms, and more.
We will present the basics of accounting through the story of a person starting a new business. The person is Joe Perez—a savvy man who sees the need for a parcel delivery service in his community. Joe has researched his idea and has prepared a business plan that documents the viability of his new business.
Joe has also met with an attorney to discuss the form of business he should use. Given his specific situation, they concluded that a corporation will be best. Joe decides that the name for his corporation will be Direct Delivery, Inc. The attorney also advises Joe on the various permits and government identification numbers that will be needed for the new corporation.
Joe is a hard worker and a smart man but admits he is not comfortable with matters of accounting. He assumes he will use some accounting software, but wants to meet with a professional accountant before making his selection. He asks his banker to recommend a professional accountant who is also skilled in explaining accounting to someone without an accounting background. Joe wants to understand the financial statements and wants to keep on top of his new business. His banker recommends Marilyn, an accountant who has helped many of the bank’s small business customers.
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