important output of the accounting cycle is the financial statements.

Q: Financial accounting is one of the branches of accounting specialized in recording, classifying,…

A: Financial accounting is used to prepare financial statement which helps in calculating Revenue…

Q: Which one of the following statements is not correct regarding financial accounting and management…

A: Financial Accounting - This is a branch of accounting under which business transactions are recorded…

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

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

Q: Ethics is the most fundamental principle of Accounting. Explain it.

A: Ethics implies the arrangement of rules that the association ought to follow. While in business,…

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: 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: Consider the following statements: I. For Income Statement accounts, evidence is considered to Be…

A: Income statement is a statement which records the revenue and expenses of an undertaking for a…

Q: When fresh start accounting is utilized, how are a company’s assets and its liabilities reported?

A: Except for deferred income taxes, all liabilities at the same time reported as future cash payments…

Q: Accounting is categorized as a supporting process in managing operations of any organization O a.…

A: There are three processes in managing the operation of any organization Upper Management process…

Q: Management accounting provides economic and financial information for external users such as…

A: Management accounting: It is the process of preparing the reports of a business operation helping…

Q: Management, not the accountants, prepares a company's financial statements. Think what what this…

A: The answer :

Q: According to our authors, give the accounting equation and explain why it is true.

A: Introduction: The accounting equation is a key component of the balance sheet and a fundamental…

Q: Write a study about the Accounting Cycle of Reporting Financial Results

A: Accounting Cycle is the Process of recording the transaction and their processing in the Financial…

Q: State whether the following statement is true or false. "Accounting relies on inexact or approximate…

A: Financial Statements are the outcomes of accounting concepts and conventions combined with…

Q: The accounting equation can be restated as: Assets - Equity = Liabilities. True or False True False

A: Solution: The basic accounting equation, also named as balance sheet equation, reflects the…

Q: mation used in the financial accounting and management accounting Accounting Education b. a. Cost…

A: Since we answer only one question, we will answer the first question. Please resubmit the question.…

Q: Accounting is sometimes called the “language of _____.”

A: Solution- It helps in making decision. Most people make a decision that relies on accounting…

Q: Verifiability of financial accounting information is synonymous with: a.) faithful representation…

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: Accuracy of information is important but the timeliness of information is focused in management…

A: Solution:- Definitions:- Timeliness is how quickly information is available to users of accounting…

Q: origin of management accounting is due to limitations of Financial accounting and cost accounting

A: Management accounting is the collection of data and generation of information from it in the forms…

Q: The result of financial statement analysis may reflect the effectiveness of management in handling…

A: Financial analysis helps in analyzing and interpreting the statement of business it helps in…

Q: Accounting is sometimes described as the language of busi-ness. What is meant by this description?

A: Accounting: It refers to a process of recording and summarizing the financial transactions and…

Q: Accounting includes activities such as identifying, measuring, and communicating financial…

A: Being the language of business, accounting acts as the bridge between the business and the users of…

Q: Which of the following is a major challenge facing the accounting profession? O A. Accounting for…

A: Major challenges facing the accounting profession are :- Non financial measurements Forward looking…

Q: Choose the incorrect statement: a.) The objective of the external financial statements is to…

A: a) Basic purpose of an external financial statement is to communicate the economic effects of…

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: Financial accounting is the area of accounting aimed at serving __________ by providing them with…

A: Financial accounting helps in preparing financial statements like Statement of Income, balance sheet…

Q: True / False Determine whether each sentence is True or False: Financial accounting reports are…

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

Q: Explain in your own words the process of Accounting cycle.

A: The accounting cycle refers to a process that is followed in preparing and recording all the…

Q: Financial accounting information is characterized by all ofthe following except:a. It is historical…

A: Financial accounting information will be information about a business element's exchanges. From…

Q: When preparing financial statement, accountants or auditors will determine an amount which is not…

A: It is practically not possible for an auditor to audit all the transactions in an accounting system.…

Q: The procedures used in computerized accounting differ slightly from those outlined in the steps of…

A: Manual Accounting cycle refers to the following the accounting cycle steps manually. And…

Q: When it comes to financial reporting, the balance sheet is more like a snapshot of the company's…

A: Introduction: A financial statement is a statement that shows how much money has been earned or…

Q: What is the correct order of steps in the accounting cycle?

A: Accounting is very important process used in business. The main purpose of accounting is to record…

Q: The financial statements are based on the most basic tool of accounting. True or false? Explain how?

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: Qualitative characteristics of accounting information - Relevance - Reliability - Comparability…

A: The qualitative characteristics of accounting information is useful for decision and reporting…

Q: Financial accounting data prepared in accordance with GAAP. But management accounting don’t follow…

A: The answer for the theory question on Financial Accounting vs Management Accounting is presented…

Q: Explain in detail what the accounting cycle is and why it is important.

A: Accounting is the process of identifying, recording, classifying, summarising and analysing…

Q: Accounting is the information system that measures business activities, processes the information…

A: Business enterprises seek inputs in the form of information from various sources that can be used in…

Q: Why does the Accounting system used for financial statement preparation not always provide the…

A: Management needs detailed information for making a decision. Many times accounting systems do not…

Q: Describe how changes in accounting principle typically are reported.

A: A change in an accounting principle is a change in a method used, such as using a different…

Q: Which one of the following statements is not correct regarding financial accounting and management…

A: The correct option is  B. Only financial accounting involves the use of accounting information

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: Managerial accounting focuses on historical information while financial accounting focuses on the…

A: The above statement seems to be False

Q: The starting point of the accounting process is communicating information to users. identifying…

A: Accounting process is process in which transactions are recorded and posted in ledger accounts and…

Computerized Accounting System

The Computerized Accounting System is generally a system of maintaining accounts using computers. In this method of accounting system, the accounting transactions are processed through the use of hardware and software to generate the reports such as journals, ledgers, trial balance, trading account, P/L accounts, balance and other reports.