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2. What key significance does the characterisation of accounting as the “language
of business” hold, and what fundamental role does it fulfil within this context?
3. Give advice to a small business owner who is having difficulty staying afloat.
How would you define “business entity” and “going concern” for them, and what
role do these terms have in comprehending the state of the company’s finances?
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4. As part of a company’s financial reporting staff, discuss on the significance
of consistently following foundational accounting rules when compiling the
company’s financial statements as necessity of preparing financial statements so
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as to ensure precision, transparency, and adherence.
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5. As CEO of an expanding company, how does accounting info impact your
decisions? How do you manage risks and allocate resources effectively, including
pricing, strategy, and investments? How does integrating accounting data boost
profitability and ensure success in a competitive industry?
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