A restaurant might have an asset account for each of its ovens.
These would be grouped in the financial ststements as “Property, plant, and equipment.”
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Open it each company names its accounts based on its business. A company in the restaurant business might have an asset account for each of its ovens, with the accounts named “Oven-1” and “Oven-2.” In its financial statements, these accounts would
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3.1. Financial Statement Elements and Accounts ts accounting system based on its particular needs and circumstances. For example, a company in the restaurant business may not be involved in trading securities and, therefore, may not need an account to record such an activity. Furthermore, <span>each company names its accounts based on its business. A company in the restaurant business might have an asset account for each of its ovens, with the accounts named “Oven-1” and “Oven-2.” In its financial statements, these accounts would likely be grouped within long-term assets as a single line item called “Property, plant, and equipment.”
A company’s challenge is to establish accounts and account groupings that provide meaningful summarization of voluminous data but retain enough detail to facilitate decisio
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