question 1 (5 points)\nthe assets section of the balance sheet normally presents assets in\na) alphabetical…

question 1 (5 points)\nthe assets section of the balance sheet normally presents assets in\na) alphabetical order\nb) the order of largest to smallest dollar amounts\nc) the order in which they will be converted into cash or used in operations\nd) the order of smallest to largest dollar amounts\nquestion 2 (5 points)\nwhich of the following best describes accounting?\na) records economic data but does not communicate the data to users according to any specific rules\nb) is an information system that provides reports to users regarding economic activities and condition of a business\nc) is of no use by individuals outside of the business\nd) is used only for filling out tax returns and for financial statements for various type of governmental reporting requirements

question 1 (5 points)\nthe assets section of the balance sheet normally presents assets in\na) alphabetical order\nb) the order of largest to smallest dollar amounts\nc) the order in which they will be converted into cash or used in operations\nd) the order of smallest to largest dollar amounts\nquestion 2 (5 points)\nwhich of the following best describes accounting?\na) records economic data but does not communicate the data to users according to any specific rules\nb) is an information system that provides reports to users regarding economic activities and condition of a business\nc) is of no use by individuals outside of the business\nd) is used only for filling out tax returns and for financial statements for various type of governmental reporting requirements

Answer

Brief Explanations:

For Question 1, assets on a balance - sheet are listed in the order of liquidity, which is the order in which they will be converted into cash or used in operations. For Question 2, accounting is an information system that records, processes, and communicates financial information about an economic entity to various users.

Answer:

Question 1: C. the order in which they will be converted into cash or used in operations Question 2: B. is an information system that provides reports to users regarding economic activities and condition of a business