1. List and define three generally accepted accounting concepts/ principles.Describe the three forms of organi

Question

Accounting

1. List and define three generally accepted accounting concepts/ principles.Describe the three forms of organizations and how they differ.

Answer 1

Concepts:
Liquidity: The ease of turning an asset into cash. (Cash on hand is already liquid.)
Credit: Money owed to someone else
Asset: Something with cash value within the business' control (equipment, cash)

Organization.
Double Column- a system of check and balance. When something is added to one columnn it is always subtracted or added to another. For example: Fred owes me five dollars. I create a colum for the money Fred Owes me. Fred pays me two dollars, I subtract two dollars from the Column of what Fred owes and add two dollars to the column that keeps track of total cash.
Single Column- a system of adding credits and debt (money give or owed to you). The credit and debts are added up and hopefully you have more debts then credits.
I am sorry I can't find a thrid system
Good Luck.

Answer 2

If you are not training to become an Enron accountant, then I suggest you do your own homework.

Answer 3

Do your own homework. You really think I want someone who cheated on their homework to be employed one day in any capacity that I might encounter?