Concept explainers
Explain what it means to say that an accounting class is not the same as a math class.
Accounting: Accounting is the process of recording, summarizing, and reporting all the financial transactions of a company over a period of time, to be used by the various decision makers of the company.
To Explain: That an accounting class is not the same as math class.
Explanation of Solution
Accounting class is very much different from the math class. In math operations, like addition, subtraction, and others are followed to derive value for the unknown variables, to formulate the theories and for other operations. On the contrary, accounting follows a systematic procedure of recording the various transactions of a company, which shall be used by the management, investors and creditors.
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Chapter 1 Solutions
Financial Accounting
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