Answer the questions in the doc

timer Asked: Jan 21st, 2021

Question Description

I'm working on a accounting multi-part question and need an explanation to help me study.

Answer the questions in the doc, the sooner the better,Answer the questions in the doc, the sooner the better, some simple accounting questions.

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Busi 2221 Hand Out Assignment chapter 1 Question 1 The following is a list of users of accounting information: a) Managers b) Regulators c) Employees d) Shareholders e) Lenders f) Suppliers g) External auditors Instructions Identify the above users as internal (I) or external (E) using the following format: _______(a) Managers _______(b) Regulators _______(c) External auditors _______(d) Shareholders _______(e) Lenders _______(f) Suppliers Question 2 Each of the following independent situations represents a violation of accounting principles: highlight or place an X beside the principle that is violated. 1. It is now the end of 2021 and Stella Co. is preparing its annual financial statements. The company has been experiencing severe financial difficulties and management anticipates that the company will cease operations in 2022 but this is not disclosed in the financial statements. Going Concern Assumption Reporting Entity concept 2. Fritz Schmitz runs a small business. All receipts from the business are deposited into Fritz’s personal bank account and all Fritz’s expenses, both personal and business, are paid out of this same account. Fritz makes no attempt to maintain separate records for the business. Going Concern Assumption Reporting Entity concept 3. Dean has a mining company that is very profitable. Over the past few years, Dean has been very good at maintaining his business records and books. However, Dean’s wife has recently been using the company account to pay for her personal expenses. She informed Dean that since he owns the company all the money earned will go to him anyway and therefore using the company account or their personal bank account makes no difference. Going Concern Assumption Reporting Entity concept ...
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