Week 2 assignment 2 Financial Accounting - 20772

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10. The following data were taken from the accounting records of Lorenzo Company. Except where indicated, the balances are as of December 31, 2011 before closing entries have been made.  List the accounts that should be closed at the end of 2011.

9. Indicate how each of the following transactions affect assets by entering + for increase, – for decrease, or NA if total assets are not affected.

8.

What is meant by the "fraud triangle"?

7.

Define the accounting cycle and list the stages of the cycle.

6. Describe the difference between temporary and permanent accounts, and state which ones are closed. Describe the purpose of the closing process.

5. Why are adjusting entries necessary in an accrual accounting system? What are some common examples?

4.

Explain some of the accounting similarities and differences between not-for-profit organizations and for-profit businesses

3.

Briefly distinguish between financial accounting and managerial accounting.

2.

What is meant by the term "global GAAP"? What body is responsible for setting global standards

1.

What is meant by the term "stakeholders?"

Solution Description

Week 2 BA220

1.

What is meant by the term "stakeholders?"

 

Stakeholders are people/persons that are interested in the operations of a business; this includes owners, lenders, suppliers, employees, customers, and government agencies.

 

2.

What is meant by the term "global GAAP"? What body is responsible for setting global standards?

Generally accepted accounting principles (GAAP). So thinking in terms of Global this is the rules in which are used by the accounting profession in the United States.

The Financial Accounting Standards Board (FASB) is a privately funded entity with the primary command to set forth accounting standards in the United States.

 

3.

Briefly distinguish between financial accounting and managerial accounting.

There are a few major differences between financial and managerial accounting,