Discuss the two main branches of accounting and explain the differences between financial accounting and management accounting. Explain the main user groups of each branch of accounting and describe the interest of each of the user group in a company’s financial statements

Q: Explain the difference between management accounting and financial accounting.

A: ANSWER : Basis of difference Management accounting Financial accounting 1. Meaning…

Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…

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Q: The accounting process generates financial reports forboth internal and external users. Describe…

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Q: Discuss five ways in which financial professionals can significantly impact the financial statements…

A: The five ways in which financial professional can significantly impact the financial statements with…

Q: Describe how accounting is used to track and monitor an organization's primary business operations.

A: Accounting can be categorized into different types like financial, managerial and cost accounting.…

Q: What is the basic difference in orientation between financial and management accounting?

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

Q: Based on your understanding,compare and contrast the three major forms of business organization (in…

A: A business organization is comprised of three main activities or departments which helps in running…

Q: ‘The accounting concepts and accounting standards are generally referred to as the essence of…

A: INTRODUCTION  Financial Accounting refers to collecting , summarizing and presentation of the…

Q: What is the purpose of financial accounting? List at least three and explain why they are…

A: Introduction: Accounting is concerned mainly with recognizing, documenting, measuring, and…

Q: Financial Accounting and Reporting, Advanced Financial Accounting and Reporting, Management…

A: The duties of a controller include assisting with the preparation of the operating budget,…

Q: Write suitable discussion related to (i) the definitions of accounting and the forms of the…

A: (i) Accounting is the practice of keeping track of a company's financial activities. Summarizing,…

Q: The Accounting research division of Accounting principle board (Apb) in it's research recommendation…

A: Financial statements are those statements which depicts the information related to the business over…

Q: Distinguish and explain how and why accounting is the business language.

A: Introduction: Financial accounting is the process of recording a company's financial transactions…

Q: Focus on a certain section or sector of the firm" How would management accounting and financial…

A: Introduction : Segmenting a company may be accomplished in various ways, including geographically,…

Q: What are  the factors that accountants should consider when setting up company accounting policy…

A: The assets are the items in the balance sheet of the company that will generate the future economic…

Q: Explain how accounting is used to track and monitor the economic events that impact business…

A: Accounting is defined in simple terms as an art of keeping the record of financial transactions of a…

Q: What is the fundamental difference between financial accounting and management accounting in terms…

A: An accountant's job is to keep track of the findings and analyze them.

Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…

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Q: prudence concept a

A: Prudence concept is a fundamental accounting concept.

Q: Discuss the two main branches of accounting and explain the differences between financial accounting…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: The framework for the model of business reporting includes all of the following, except: a.…

A: The framework for the model of business reporting includes all of the following a. financial and…

Q: What are the goals of financial accounting? Enumerate at least three and discuss why they are…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: (Usefulness, Objective of Financial Reporting) Indicate whether the following statements about the…

A: Indicate whether the following statements about the conceptual framework are true or false. If…

Q: e business activities

A: The financial statement is the major in accounting.

Q: Discuss accounting as the language of business and the role of accounting information in…

A: Accounting is the process of recording, summarizing, analysing and communicating useful accounting…

Q: Discuss the terms relevance and faithful representation as they relate to financial accounting…

A: Financial accounting: It can be defined as the branch of accounting that is associated with the…

Q: What  is  the  double entry  system  in accounting?

A: Solution Note : Dear student as per the Q&A guideline we are required to answer the first…

Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…

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Q: Describe the organization of public accounting firms and identify the variousservices that they…

A: A small business might use a public accounting firm to prepare the monthly or quarterly financial…

Q: involves the development and 47 interpretation of accounting information intended specifically to…

A: Accounting is the process of collecting the relevant financial information, summarising and…

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

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Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…

A: Answer:   Management Accounting

Q: Describe the difference between the accounting function and the finance function? What purpose do…

A: The key difference between accounting and finance is that accounting mainly focuses on the…

Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…

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

Q: dentify which branch or field of accounting provides the functions and services stated below. Choose…

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

Q: Which of the following branches of accounting is often limited to preparing and distributing…

A: Accounting is the process whereby the costs and revenues of the business are estimated and recorded.…

Q: Which type of accounting information is intended to satisfy the needs of external users of…

A: Financial accounting, management accounting and cost accounting are different forms of accounting.…

Q: Discuss the factors that accountants should consider when setting up company accounting policy…

A: Accounting Policy- Accounting policies are the specific principles, foundations, conventions, rules,…

Q: Explain certain accounting principles that are important for an understanding of financial…

A: While it would sound exhausting or exclusive, financial accountancy assumes a key half that allows…

Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…

A: Accounting in business can take form of financial accounting, management accounting, cost accounting…