Financial accounting is oriented towards:
The staff working in the company
Entities external to the organization
The financial department
The accounting principle of objectivity indicates that all information recorded in the financial statements must be true, verifiable and supported by real data.
Within current assets, we have accounts such as:
Shares issued by the company
The income and expenses incurred by the company within an accounting period are recorded in:
Statement of cash flows
Statement of Changes in Capital Accounts
Statement of Income or Profit and Loss
The company Frijolito Saltarín Ltda. made sales on credit for a value of $400. Which accounts will be affected by posting this transaction?
The Accounts Payable account will be credited and the Temporary Investments account will be debited
The Accounts Receivable account will be debited and the Sales account will be credited
The shareholders’ Capital account will be credited and the Cash account will be debited
The Sales account will be debited and the Accounts Receivable account will be credited