Describe the difference between the accounting function and the finance function? What purpose do they serve in the business? What activities take place in each of these two groups?

Q: Explain breifely about the theories of accounting regulation – public interest theory, capture…

A: The four theories of accounting regulation are: Public interest theory, Capture theory, Economic…

Q: What is financial reporting and why it is important for business organisation?

A: Financial Reporting:   Financial reporting is the financial results of an organization that are…

Q: Which of the following accounting concepts considers the investment made by the owner in the…

A: Accounting Principles are the rules and guidelines to be followed by a business while preparing and…

Q: Which of the following is true of financial accounting information? Select one: a.It focuses on the…

A: Financing accounting information determines the financial status and health of a business. This is…

Q: What is accounting and how does it relate to business?

A: Accounting: In finance, accounting is the process of documenting financial transactions, keeping and…

Q: What is accounting in business

A: Accounting: Accounting is the process of recording, summarizing, and reporting all the financial…

Q: Why Accounting is considered as the Language of Business?

A: The system whereby the financial and economic transactions are being chronicled in the accounting…

Q: What is the function and primary focus of financial accounting?

A: Accounting:   It is a systematic process of recording the financial transactions of an organization…

Q: Financial accounting serves which primary function(s)?  a. Measures business activities. b.…

A: Financial accounting is a branch of accounting which deals into summarisation, analysis and…

Q: What precisely distinguishes accounting from business admin

A: Accounting: It is the process of recording any financial transactions incurred in the financial year…

Q: What is finance?  How does it relate to accounting?   What is the objective(s) of the financial…

A: Time value of money Time value of money The main concept of finance is related to the time value of…

Q: What role does accounting play in a business?

A: Ans. Accounting has a very crucial role to     play in business. Accounting is the process of…

Q: What are the two primary functions of financial accounting?

A: Financial accounting is that field of accounting in which all financial transactions are recorded in…

Q: When it comes to accrual accounting, what do you name the principles and goals that influence the…

A: It is required that a cost be recorded in the same period as the corresponding income is collected…

Q: What is the FASB’s Conceptual Framework? What are the objectives of financial reporting? What…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: What do you mean by accounting in business? Explain the Accounting Cycle in detail?

A: Accounting represents the process of recording the financial and non financial transactions in the…

Q: Why do you think providers of finance are interested in a company's accounting information?

A: Finance means a money management system like Borrowing money, investing money, expenses money,…

Q: What are the ideas and language used in accounting?

A: Introduction: Accounting is the practice of knowing track of a company's financial activities.…

Q: Which of the following types of businesses require financial information to operate effectively?

A: The following types of businesses require financial information to operate effectively are:(1)…

Q: Who are the key users of accounting information? What type of information does each stakeholder…

A: Accounting: Accounting refers to the information system, where the economic activities of a business…

Q: What is accounting? What type of information is provided by the accountants? How does an…

A: Meaning of Accounting: Accounting is the process of recording financial transactions pertaining to…

Q: What is a conceptual framework, and how does one create one? In financial accounting, why is a…

A: Conceptual Framework: A conceptual framework logically explains related goals and foundations;.bu1Z…

Q: What is the primary function of financial accounting?

A: Financial accounting: Primary of function of Financial accounting involves the process of preparing…

Q: Explain what the accrual foundation of accounting is and who is required to use it in your…

A: This question explains about the accrual foundation of accounting .

Q: Which one of the following elements of financial statement helps in understanding the financial…

A: Financial performance is a subjective indicator of a company’s ability to earn revenue from its…

Q: Can every business transaction no matter how simple or complex be expressed in terms of its effect…

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: What are the three basic business activities that financial accounting seeks to measure and…

A:

Q: Accounting function of a firm explained. Why is the function needed and what is its purpose? What…

A: The accounting function of a firm is referred to as a set of financial systems that help in the…

Q: What really is accounting, and how does it apply to the business world

A: Accounting: It is the process of recording any financial transactions incurred in the financial year…

Q: What are the three types of financial management decisions? For each type of decision, give an…

A: Capital budgeting decision: Capital budgeting decision is a decision concerned with the selection of…

Q: What is Accounting? Why is it called the language of the business?

A: Accounting : Accounting is the process of Recording of financial transactions through journal entry…

Q: who are users of financial statements that applies to each different type of business analysis?

A: Business analysis is the process of evaluating the risks and prospects of the organization for…

Q: How are financial statements used by business?

A: Answer: Introduction: Financial statements are nothing but detailed reports of a company, individual…

Q: How distinguishes accounting and business administration from each other

A: Accounting: It is the process of recording any financial transactions incurred in the financial year…

Q: Explain the accounting function of a business. What is the purpose of this function, and why is it…

A: Accounting responsibilities: Accounting functions may be divided into two categories: managerial…

Q: Which of the following gives the details about the financial position of the business?

A: Finance - This is related to the Financing activities which includes borrowing money from the bank…

Q: What are the accounting implications of an accounting model whose measurement focus is on “current…

A: The current financial resources measurement focus measures primarily financial resources and does…

Q: What is the difference between accounting and business administration

A: Both accounting and administration are critical components of business operations. They are mutually…

Q: What makes up the Financial Structure of a business?

A: Financial Management: Financial management comprises of two words i.e. Finance and management.…

Q: Which of the following statement is true about purpose of accounting? Select one: a. The purpose…

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

Q: what is the different information on the financial statement that will help you understand the…

A: In order to determine the financial position of the company, a financial statement is essential. It…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is