Centify which branch or field of accounting provides the functions and services stated below.Choose from the choices given.financial accountingmanagement accountingtax accountingaccounting educationforensic accountingcost accountinggovernment accountingauditingfiduciary accounting1. Validation of financial statements2. Preparation of tax returns3. Presentation of cost incurred in business operations4. Accounting for public funds5. Recording and presentation of financial records to external users6. Accounting to help managers and owners plan and manage their business7. Development of accounting curriculum in educational institutions8. Provision of guidance for compliance to tax obligations9. Management of the business, possessions, and or property of anotherindividual party10. Branch of accounting involved in criminal or civil cases investigation

There are several branches of accounting and these branches have their own purposes. These are:…

Answered: dentify which branch or field of…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 1EA: Indicate whether each statement describes financial accounting or managerial accounting. The...

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Similar questions

Discuss what information would be most useful for these users of accounting information: Management Employees Investors Creditors Customers Tax authorities
ACCOUNTING PROCESS Match the following steps of the accounting process with their definitions. Analyzinga. Telling the results Recordingb. Looking at events that have taken place and thinking about how they affect the business Classifying Summarizingc. Deciding the importance of the various reports Reportingd. Aggregating many similar events to provide information that is easy to understand Interpretinge. Sorting and grouping like items together f. Entering financial information into the accounting system
Typical accounting tasks include all of the following tasks except ________. A. auditing B. recording and tracking costs C. tax compliance and planning D. consulting E. purchasing direct materials
Define each of these users of accounting information as an internal user of external user Management Employees Investors Creditors Customers Tax authorities
Match the correct term with its definition. A. Financial Accounting Standards Board FASB) i. used by the FASB, which is a set of concepts that guide financial reporting B. generally accepted accounting principles (GAAP) ii. independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) here in the United States C. Securities and Exchange Commission SEC) iii. standards, procedures, and principles companies must follow when preparing their financial statements D. conceptual framework iv. assumes a business will continue to operate in the foreseeable future E. going concern assumption v. independent federal agency protecting the interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements F. time period assumption vi. companies can present useful information in shorter time periods such as years, quarters, or months
PURPOSE OF ACCOUNTING Match the following users with the information needed. 1. Ownersa. Whether the firm can pay its bills on time 2. Managersb. Detailed, up-to-date information to measure business performance (and plan for future operations) 3. Creditorsc. To determine taxes to be paid and whether other regulations are met 4. Government agenciesd. The firms current financial condition
Indicate whether each statement describes financial accounting or managerial accounting. The information is directed at external users who are making decisions pertaining to investing, extending credit, and other decisions. The principal users are the organizations managers. The key focus is on the entity as a whole. The rules and principles are very flexible. The information gathered is usually available after an independent audit has been completed.
The standards, procedures, and principles companies must follow when preparing their financial statements are known as which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual framework
List the three basic questions that must be answered when analyzing the effects of a business transaction on the accounting equation.
Which area of accounting needs a computerized accounting information system the mostâ€”payroll, tax, or preparing financial statements?
The metrics based on financial numbers produced by the accounting system are ________. A. quantitative factors B. qualitative factors C. stakeholders D. stockholders
External users of financial accounting information include all of the following except ________. A. lenders such as bankers B. governmental agencies such as the IRS C. employees of a business D. potential investors

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