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What is meant by Drawing or Personal

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Reference no: EM132990044

Questions -

Q1. Why should business be regarded as an entity separate and distinct from the owner?

Q2. Why is keeping of records important in business?

Q3. In what instance that accountants can be of helped to the government?

Q4. What are the Generally Accepted Accounting Principles (GAAP)?

Q5. What information can we get from a Balance Sheet? Income Statement? Statement of Changes in Owner's Equity?

Q6. State the Basic Accounting Equation? Expanded Accounting Equation?

Q7. If the proprietor wants to know his proprietary interest in the business, how would the accounting equation be shown in a modified way?

Q8. Define the following terms in Accounting: Assets, Liabilities, Owner's Equity, Revenue or Income and Expenses.

Q9. What are the three (3) sections that comprise a Balance Sheet?

Q10. What are the two (2) sections that comprise an Income Statement?

Q11. What is meant by Drawing or Personal?

Reference no: EM132990044

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