Questions from Financial Accounting

Q: Liz Kelso is reviewing the principle of segregation of duties. What

Liz Kelso is reviewing the principle of segregation of duties. What are the two common applications of this principle?

Q: “Accounting is ingrained in our society and it is vital to

“Accounting is ingrained in our society and it is vital to our economic system.” Do you agree? Explain.

Q: “The terms debit and credit mean increase and decrease, respectively

“The terms debit and credit mean increase and decrease, respectively.” Do you agree? Explain.

Q: Explain the differences between depreciation expense and accumulated depreciation.

Explain the differences between depreciation expense and accumulated depreciation.

Q: Tom Dingel, a fellow student, contends that the double-

Tom Dingel, a fellow student, contends that the double-entry system means each transaction must be recorded twice. Is Tom correct? Explain.

Q: What uses of financial accounting information are made by (a

What uses of financial accounting information are made by (a) investors and (b) creditors?

Q: “Bookkeeping and accounting are the same.” Do you agree?

“Bookkeeping and accounting are the same.” Do you agree? Explain.

Q: What is the normal balance for each of the following accounts?

What is the normal balance for each of the following accounts? (a) Accounts Receivable. (b) Cash. (c) Dividends. (d) Accounts Payable. (e) Service Revenue. (f) Salaries and Wages Expense. (g) Co...

Q: What is the monetary unit assumption?

What is the monetary unit assumption?

Q: What is the economic entity assumption?

What is the economic entity assumption?