Accounting is an information and measurement system that identifies records and communicates financial information to users. :

The primary objective of financial accounting is to provide general-purpose financial statements to help external users analyze and interpret an organization's activi

Understanding generally accepted accounting principles is not necessary when using and interpreting financial statements. :

According to the cost principle, it is preferable for managers to report the most current estimate of an asset's value. :

The International Accounting Standards Board (IASB) issues International Financial Reporting Standards (IFRS) that identify preferred accounting practices. :The accounting equation can be restated as: Assets - Equity = Liabilities. : .

The journal is known as the book of final entry because financial statements are prepared from it. :

Transactions are first recorded in the ledger. :

Posting is the transfer of the information from each journal entry to the ledger. :

Download Attachment:

A factory has averaged the following monthly heating and cooling costs over the last 5 years. Calculate the PW at a nominal interest rate of 12%. Month January February March April May June July August September October November December Costs $25,000 $19,000 $15,000 $9,000 $12,000 $18,000 $29,000 $33,000 $19,000 $8,000 $16,000 $28,000