Question

Elaborately explain the building blocks of accounting ethics principles and assumptions

Answer 1

Answer:

When you run a business, there are many financial events that take place in any given day. Without an organized way to track this information, it will be impossible to tell how well the business is doing. Accounts also known as chart of accounts act like containers for similar transactions.For example, if a customer comes in to make a sale, a record is created and stored in the related account. Recording the transaction is called making a journal entry. Journal entries are individual accounts of each transaction that take place in the business. Examples of accounts are cash, revenue, wages, notes payable, etc.

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