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Explain the nature and purpose of financial accounting

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Reference no: EM132815412

Problem 1: Describe the nature and purpose of financial accounting.

option 1: Record transactions and prepare financial statements (income statement, statement of owner's equity, balance sheet) for a sole proprietorship.
option 2: Implement the proper accounting procedures for a merchandising company that carries inventory.
option 3: Implement the proper accounting procedures for current assets.
option 4: Implement the proper accounting procedures for long-term assets.

Reference no: EM132815412

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