Financial accounting always discusses the events and transactions in terms of money where as cost & management accounting discusses the aspects in terms of profits and losses and concern is related to reporting to management. Thus it can
Q: ome specific activities that a financial manager does? For example: Review balance of company…
A: Financial manager have many important activities that need to be done on daily routine basis and…
Q: Accountants have important roles in virtually any business, organization or government agency that…
A: Account - It is the summarised presentation of all the events that are linked to a particular head.
Q: mechanical aspect of accounting
A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…
Q: directed towards future and present, b) follows standards and norms, c) helps managers in decision…
A: Financial statements comprises of the following: Balance Sheet Income statement Statement of Cash…
Q: A friend asks you about whether GAAP requires companies to disclose forecasts of financial variables…
A: Accounting information includes all the relevant and important information about the company. The…
Q: The primary objective of financial reporting is to provide information . In an ethical manner. To…
A: The objective of financial reporting is to give information about financial performance and…
Q: The goal of management accounting is to: a. Help bankers to make lending decisions b. Help the…
A: Management accounting - management accounting helps in making decisions of the business and helps in…
Q: Accounting information provides useful information about business transactions and events. Those who…
A: SOLUTION- RELEVANCE REFERS TO THE PROPERTY OF INFORMATION BEING CAPABLE OF MAKING A DIFFERENCE IN…
Q: Most of the professional accountants support Historical cost accounting over the Current cost…
A: Historical cost accounting says that all assets and expenses in the business should be recorded at…
Q: What are some of the limitations of cost accounting?
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Q: Financial accounting is the primary source of information needed for decisio making, planning, and…
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Q: The objectives of financial reporting for business enterprises are based on the need for…
A: Financial reporting is the financial result of an organisation. Financial result include cash flow…
Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…
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Q: What kind of tools do financial managers leverage to access and/or monitor the health and…
A: Ratio Analysis: Ratio analysis is the tool that helps the financial manager to access or monitor…
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: how accounting information helps shareholders and lenders to make decisions concerning the…
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A: Management accounting reports only to internal parties mainly the managers since it helps them in…
Q: In carrying out operations and finances in a business, entrepreneurs usually review again decide on…
A: Financial activities are the activities of a corporation that are undertaken by the corporation for…
Q: In her 1988 article called ‘Financial Accounting: In Communicating Reality, We Construct Reality’,…
A: Introduction:- The field of accounting that deals with the summary, analysis, and reporting of a…
Q: The main purpose of company accounts is stewardship, so accounting standards based on…
A: As per the Question, we need to write the problems faced by the company who wants to prepare books…
Q: Explain how accouning principles are used to analyze a business’s financial health ,What accoun!ng…
A: Financial Analysis based on principles of accounting includes both analysis and interpretation. An…
Q: Which of the following is true of financial accounting, but not true of managerial accounting?…
A: The accounting is a process to identify the business transactions, record the transactions and…
Q: Accounting information provides useful information about business transactions and events. Those who…
A: SOLUTION- UNDERSTANDABILITY IS THE CONCEPT OF FINANCIAL INFORMATION SHOULD BE PRESENTED SO THAT A…
Q: Write True (T) or False (F) The objective of financial reports is to provide information regarding…
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Q: activities need judgment in preparing the accounting earnings
A: Accounting earnings is the net income earned from conducting the business of the entity. It is…
Q: Assuming that you are one of the people who has the responsibility to manage the financial aspects…
A: Financial managers are the important people of the organization. They deal with financial aspects of…
Q: The corporate disclosure practice will help all the stakeholders to understand and measure business…
A: Corporate disclosures: It is the practice of communicating the information and value to public,…
Q: Explain how accounting principles are used to analyze a business’s financial health, What accounting…
A: Introduction: Financial analysis based on accounting standards entails both analysis and…
Q: ship, so accounting standards based on ‘decision-usefulness for investors’ are misconceived. And…
A: It will cause many additional problems that the really need is the Companies Act requirement in…
Q: Why does financial accounting have a positive impact on our society? a. It entails a detailed…
A: Given: The positive impact on financial accounting in our society.
Q: Which of the following can use financial concepts to improve their decisions? Multiple Choice…
A: Finance is a core part of every business. Financial concepts can be used by any professional who…
Q: Accounting information provides useful information about business transactions and events. Those who…
A: Since we only answer up to 3 sub-parts of question 1, we’ll answer the first 3. Please resubmit the…
Q: he corporate disclosure practice will help all the stakeholders to understand and measure business…
A: Financial statement: Financial information is a written record of an organization and individual…
Q: Accounting information provides useful information about business transactions and events. Those who…
A: Note: Since we are entitled to answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit…
Q: Accounting information helps key stakeholders of the business to make decisions.From the following…
A: Accounting data refers to information about a business's transactions. From purchasing inventory and…
Q: describe the following: Your answer: A. the primary purpose of the entity B. the types of…
A: Introduction: Decision making involves both financial and non-financial factors. Financial factors…
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: Accounting information provides useful information about business transactions and events. Those who…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts of…
Q: How one can help the Financial Accounting Department of a multinational company if he/she is hired?
A: Preparing financial statements, managing the general ledger, paying taxes, billing clients,…
Q: Q9 a.Financial accounting always discusses the events and transactions in terms of money where as…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: An enhancing qualitative characteristics of financial accounting information is that: Information…
A: The criteria for enhancing qualitative characteristics of financial accounting information is…
Q: Explain the following for a manufacturing, retail, or service business: The primary purpose of the…
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Q: We have talked about personal financial planning as well as the planning within a business. As we…
A: Personal financial planning popularly known as personal finance, deals an individual’s financial…
Financial accounting always discusses the events and transactions in terms of money where as cost &
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- Which statement is most accurate? Accounting and finance are not related. Financial managers keep the books for a firm. Financial managers need to understand accounting. Nonprofit organizations need accounting but not finance.Management accounting reports on the profitability (and therefore the efficiency) of a business, whereas financial accounting reports om specifically what is causing problems and how to fix them. True or false?Why does financial accounting have a positive impact on our society? a. It entails a detailed transaction record necessary for filing taxes with the Internal Revenue Service (IRS).b. It allows investors and creditors to redirect their resources to successful companies and away from unsuccessful companies.c. It prevents competitors from being able to steal the company’s customers.d. It provides a system of useful internal reports for management decision making.
- You are required to prepare a reflection paper that incorporates your answers to the following questions: 1. Besides earning a profit, what other objectives might a business have? How can Accounting play an important role in these objectives? 2. A new manager of a retail company suggests that the company should prepare its Statement of Profit or Loss on the basis of cash receipts and cash expenditures (except for the acquisition of fixed assets, such as plant and equipment). He argues that managers, investors, creditors, and others are more interested in cash receipts and disbursements than in accrual-based accounting. Do you think he is correct? Explain. 3. The manager of your company told you to go out to the warehouse and count merchandise inventory. He said that owner is coming for a meeting next week and the manager wanted to put on a good show. He asked you to make the inventory higher by counting the first and last row twice. The higher ending inventory will result in higher…Indicate whether the following statements about the conceptual framework are true or false. If false, provide a brief explanation supporting your position. a. Accounting rule-making that relies on a body of concepts will result in useful and consistent pronouncements. b. General-purpose financial reports are most useful to company insiders in making strategic business decisions. c. Accounting standards based on personal conceptual frameworks generally will result in consistent and comparable accounting reports. d. Capital providers are the only users who benefit from general-purpose financial reporting. e. Accounting reports should be developed so that users without knowledge of economics and business can become informed about the financial results of a company. f. The objective of financial reporting is the foundation from which the other aspects of the framework logically result.Which of the following is true of financial accounting information? Select one: a.It focuses on the past-oriented financial performance of a company. b.It is primarily used by managers to make internal business decisions. c.It is prepared based on cost-benefit analysis. d.It only measures the cash transactions of a company.
- Indicate whether the following statements are (True) or (False) and correct the false statements: Accounting is concerned with the process institutions, markets, and instruments involved in the transfer of money among and between individuals, businesses and government Financial services are concerned with the duties of the financial manager. The corporate controller is the officer responsible for the firm's financial activities such as financial planning and fund raising. Profit maximization is the main goal of a business organization. (True) The net accounting profit is the difference between the cash inflows and cash outflows of a given project. Financial markets are intermediaries that channel the savings of individual, businesses, and governments into loans or investments. Primary and secondary markets are markets for short-term and long-term securities, respectively. Public offering is the sale of a new security issue, typically bonds or preferred stock, directly to an…Write True (T) or False (F) The objective of financial reports is to provide information regarding the ‘financial position and performance’ of an entity for external stakeholder of the business to make decisions ( ) Key objective of not for profit organizations is profits ( ) There’s no ethical concerns for accountants ( ) Staright-line method is one of the approaches to account for depreciation ( ) Stakeholders are the internal and external users of accounting information ( ) Triple bottom line reporting refers to social reporting only ( ) Conceptual framework refers to the concepts which are underlying assumptions based on which financial statemennts are prepared ( ) Source documents are the orginal proof documents accounts refer to when preparing…The objectives of financial reporting for business enterprises are based on the need for conservative information the needs of the users of the information the need to report on management’s stewardship the need to comply with financial accounting standards
- Accounting information provides useful information about business transactions and events. Those who provide and use financial reports must often select and evaluate accounting alternatives. The FASB statement on qualitative characteristics of accounting information examines the characteristics of accounting information that make it useful for decision-making. It also points out that various limitations inherent in the measurement and reporting process may necessitate trade-offs or sacrifices among the characteristics of useful information. Instructions a. Describe briefly the following characteristics of useful accounting information. 1. Relevance. 2. Faithful representation. 3. Understandability. 4. Comparability. 5. Consistency. b. For each of the following pairs of information characteristics, give an example of a situation in which one of the characteristics may be sacrificed in return for a gain in the other. 1. Relevance and faithful representation. 2.…Which of the following statements about accounting information is TRUE? Select answer from the options below Accounting communicates financial information about a business to both internal and external users. Accounting information is useful to external users such as the directors of a company. Accounting information is useful to internal users such as labour unions. Accounting communicates detailed financial information to the competition.The basic function of financial accounting is to Select one: a. Interpret financial data b. Record all business transactions c. No correct answer d. Assist the management in performing functions effectively Accounting is also defined as an "Information System" because? Select one: a. The function of accounting is to provide quantitative information, primarily financial in nature about economic entities. b. All of the answers are correct c. Accounting provides required information for anyone seeking it d. It is a system which provide information Public accounting, as a sub-discipline of accounting, includes: Select one: a. Internal auditing b. Management accounting c. Management advisory services d. Cost accounting
