Answered: a. How does the Accounting cycle…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter1: Accounting As A Form Of Communication

Section: Chapter Questions

Problem 1.15MCE

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a.
How does the Accounting cycle facilitate financial statement reporting? how are accounting managers involved in each step. please elaborate .
b.
what are the two determing factors influencing the choice of GAAP and IFRS financial reporting standard?

Process of recording, summarizing, and analyzing financial information to prepare financial statements, and making them available to stakeholders, thereby enabling them to make an informed decision about the company. Financial reporting is an extension of financial accounting that deals with the presentation of financial information in accordance with the requirements of prescribed accounting standards.

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U.S. Generally Accepted Accounting Principles (GAAP) Provisions

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