Why is accounting often referred to as language of business
Question: Why is accounting often referred to as the "language of business". What are generally accepted accounting principles (GAAP)? Who currently develops and issues GAAP? What is the purpose of GAAP?
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Problem: An expanded version of the accounting equation could be:
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The company has been losing money and has not paid the preferred dividends for the last five years. There are 300,000 shares of preferred stock outstanding and 600,000 shares of common stock. 1. How much is the company behind in preferred dividends
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