Questions:

1. What are the important elements of accounting definition?

Answer: the important elements of accounting definition is to determine

whether one must debited or credited a specific account, we use the modern
Accounting equation approach which consists of five elements.
The five Elements of Accounting:
The Assets, Liability, Equity, Income or Revenue, Expense

2. What are business transactions being identified; how recording is

done; and what are the things that being communicated in
accounting?

Answer: I think the source documents.

I’m going to explain the recording phase which is the T-Account. In the first
step of journalizing you need to analyze the transaction, determine the
accounting entries and record them in the appropriate accounts.

to communicate any accounting information is to do it in writing and

in a report format with line descriptions on the left side of the pages,
columns headed by a date or description, and a report title.
Accounting reports are for a specific period or date.

3. Which one consist of financial information? Financial statements or

financial report and how does financial statements differ from
financial report?

Answer: I think the balance sheet or statement of financial position, Income

statement, Cash flow statement , Statements of changes in owners’ equity or
stockholders' equity.
 Financial Statements is most differ than Financial report because Financial
statements must provide information about financial position, cash flows,
and the results of operations. Unlike to Financial Statements gather
important financial information for distribution to the public.

4. What are the forms of business organization and how they are
formed?
Answer: The forms of business organization: the Sole Proprietorships,
Partnerships, Corporation, Limited Liability Companies, Subchapter
Corporations.