The financial statements of a company are management's, not the accountant's.” Discuss the implications of this statement.

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: What is the role of management accountant in the company

A: The role of management accountant in the company includes 1. To prepare internal financial reports…

Q: Who bears the responsibility of the preparation of company’s financial statements?   A         The…

A: The external auditors are responsible for the auditing of the company

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: Who is in charge of financial accounting and who is in charge of management accounting?

A: The Answer

Q: Which of the following is not an external user of a business’s financial information? a. Taxing…

A: Financial information: The financial information of the company is used by many internal &…

Q: Which of the following is not an external user of a business’s financial information? Taxing…

A: The financial information of the company is used by many internal & external users for getting…

Q: Why is it necessary to have accounting standards? O A. so managers in the company can control the…

A: Accounting standards are necessary because of the following reasons:- The guidelines for treatment…

Q: Why would a client ask an accountant to report on a financial statement element?

A: Definition:

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

A: The answer :

Q: What is the role of the accountant in setting and implementing the goals of the company?

A: Profit maximisation: It is the goal of every company to earn maximum profit along with the…

Q: How does financial statements help employees in decision making?

A: Financial statements are statements or reports that are prepared at the end of the accounting period…

Q: Why is a company's accounting cycle so important? It is necessary to provide instances of why…

A: The financial accounting cycle of a firm refers to the whole process of recording and processing the…

Q: Why is a knowledge of accounting terms and concepts use-ful to persons other than professional…

A:

Q: Which of the following would not be considered internal users of accounting data for a company? a.…

A: The company produces accounting data in the form of financial reports and related disclosures. There…

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 relevance of the Accounting Information System in today's accounting practice, and how…

A: SOLUTION THE PURPOSE OF ACCOUNTING INFORMATION SYSTEM IS TO COLLECT ,STORE AND PROCESS FINANCIAL AND…

Q: Why is it necessary for accountants to assume that business entity will remain a going concern?

A: According to the going concern principle of accounting, it is assumed that the company's operations…

Q: PLEASE ANSWER ALL OF THE ITEMS Write ‘True” if the statement is true and write “False” if the…

A: Managerial accounting involves the presentation of financial information for internal purposes to be…

Q: t

A: Definition of an Accountant An accountant is an expert who is liable for keeping and deciphering…

Q: Why is it important for engineers and managers to understand accounting principles? Name a few ways…

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

Q: Why is it necessary for accountants to assume that business entity will remain a going concern?

A: Introduction: The concept of a going concern is crucial to accounting. It presupposes that a…

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: What elements should accountants examine while developing a company's PPE accounting policy

A: The assets on a company's balance sheet are the things that will bring it money in the future. The…

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: 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: 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: Which characteristic applies more to financial accounting than to managerial accounting? a. Company…

A: Accounting have different branches which deals with different accepts of accounting. Financial…

Q: Who regulates financial accounting and who regulates managerial accounting

A: Financial accounting: Financial accounting is different from managerial accounting. Financial…

Q: You are approached to comment on a company’s accounting disclosure quality. As an accounting…

A: Accounting disclosures are the information that the company discloses with the financial information…

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: Explain what management is, define accounting, and discuss the nature and purpose of accounting.

A: Management is the process of planning and organizing the resources and activities of a business to…

Q: Why is it important for any person (other than accountants) to know the basics of accounting?

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

Q: financial statements in any business organization

A: Financial Statements of the company include income statements, balance sheets, and cash flow…

Q: What is the role of ethics in accounting and business?

A: Ethics means the principles that govern a person's behavior and activities. These are the morals…

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: Explain why financial statements are important to managers and to outside parties

A: Financial statements are those statements that present a formal record of the various financial…