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Activity 3. Guess What! Direction. Identify what is asked for and write the correct answer the provided for before each number. space 1. They are the members of the bigger society who perceive the community as more than a mere network of socialization because it is a relationship among people which will allow dependence and support for each other. 2. This discipline of social sciences perceives the community to be an aggrupation of closely bonded persons because of kinship. 3. This refers to the primary binding factor of the members of an institution of religious faith. 4. What is this institution which is perceived to cater to the needs of consumers and the other clientele? 5. The La Union Vibrant Women Incorporated is an example of what civil society aggrupation? 6. Which of the institutions mentioned earlier is perceived as the kind of community which nurtures the learners by honing their skills and enhancing their knowledge? 7. Aside from the promotion of child growth and welfare, what is the other objective of LUVWI? 8. It is the social science discipline which perceives the community as such because of its polis-like characteristic, 9. This institution perceives the community to be an aggrupation of practitioners who are wont on catering to the medical needs and issues of the people. 10. It is perceived differently by different entities, depending on the objectives and purposes it serves.​

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12 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements

If you want to start your own business, you need to maintain detailed and accurate records of business performance in order for you, your investors, and your lenders, to make informed decisions about the future of your company. Financial statements are created with this purpose in mind. A set of financial statements includes the income statement, statement of owner’s equity, balance sheet, and statement of cash flows. These statements are discussed in detail in Introduction to Financial Statements. This chapter explains the relationship between financial statements and several steps in the accounting process. We go into much more detail in The Adjustment Process and Completing the Accounting Cycle.