What is meant by drawing or personal

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Reference no: EM132960065

Questions -

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

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 Bosic Accounting Equation? Exponded 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, Liobilities, Owner's Equity, Revenue or Income and Expenses.

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

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

Q11. What is meant by Drawing or Personal?

Reference no: EM132960065

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