What is Management Responsible for in regards to the Financial Statements?

Q: How does financial accounting and managerial accounting differ? *

A: Financial accounting and management accounting are two different branches of accounting.

Q: What is management’s responsibility for reporting on internal control over financial reporting?

A: Internal control is a mechanism or procedure that the company implements so that the integrity of…

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

A: The Answer

Q: What are the functions of the financial balance sheet in assisting in management's decision-making…

A: The question is based on the usage of balance sheet in financial decision making  by managers.

Q: Describe the Management’s Responsibility for Financial Statements.

A: The financial statements of the company are the responsibility of management. The financial…

Q: What are the costs and benefits of management’s use of judgement in financial reporting?

A: Management is the internal part of any organization and thus it plays a very crucial role in making…

Q: What is the purpose of Financial Reporting Releases and Staff Accounting Bulletins?

A:

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: What is financial accounting environment?

A: Environmental financial accounting refers to use of information required by stakeholders which are…

Q: Distinguish between financial accounting and management accounting.

A: Managerial accounting: Management accounting is a practice whereby management reports and accounts…

Q: What are the characteristics of high-quality information in a company’s first IFRS financial…

A: International Financial Reporting Standards (IFRS): International Financial Reporting Standards is a…

Q: What are objectives of financial management

A: Financial management is referred to as the strategic planning, organizing, directing, and also…

Q: What are the quality information with regards to financial reporting?

A: Financial reporting is to communicate the financial position and its soundness to the shareholders,…

Q: Differentiate Financial Reporting and Management Reporting. How are they related?

A: Financial report shows the financial results of the company which has already achieved. Management…

Q: What is the purpose of accounting in an organization?

A: Income Statement: The income statement helps an organisation understand the amounts of revenues…

Q: What are the objectives of preparing financial statements?

A: Introduction:   Financial statements are written papers that summaries the commercial activities and…

Q: What are the responsibilities of the Board of Directors for the financial statements? Or…

A: Financial statements are important because they provide vital information related to the financial…

Q: How do the subject matter of reports and the verification of reports differ between financial…

A: Both financial and managerial reporting have different scope and objectives .Detail explanation…

Q: Describe the function and primary focus of financial accounting.

A:

Q: Is there a distinction between management and financial accounting?

A: Accounting refers to a process through which all day-to-day activities or transactions occurred or…

Q: What characteristics should information have to best meet the objective of financial reporting?

A: Financial reporting is the disclosure of financial results and related information to management and…

Q: Explain the functions of financial management?

A: Following are the functions of financial management: Determining the capital needed: The main…

Q: “Communication financial results and positions to external parties”. Is it not a primary function of…

A: Management Accounting:

Q: Explain the scope and enbironment of financial management

A: Finance is an indispensable part of any organization. Without finance it is difficult for every…

Q: why ethics is important in reporting financial statement?

A: Ethics are the moral principles which a controller should follow while reporting financial…

Q: Describe Management’s Discussion and Analysis of Financial Condition and Results of Operations.

A: Comprehensive Annual Financial Report:   CAFR refers to the complete set of the financial reports…

Q: What is financial management?

A: Financial management: Financial management is a managerial activity. This activities includes…

Q: Which of the following activities is associated with the management accounting information system?…

A: The Question has covered the concept of Cost of Quality. The Cost of Quality is a method of measures…

Q: Emphasize the role of the financial manager and his or her responsibilities.

A: The financial manager and his or her responsibilities:

Q: Is internal accounting information primarily historical orfuture-oriented? How does that compare…

A:

Q: Explain the use of the general ledger in the financial management process.

A: A general ledger is a financial data record-keeping method that contains debit and credit account…

Q: What qualitative characteristic defines, the underlying influence in the preparation of financial…

A: Going concern represents that the company would prepare its financial statement with the intention…

Q: What is management's responsibility with respect to the financial statements?

A: Financial Statements: A financial statement is a complete record of the financial transactions that…

Q: How do the various functional departments of an organization use financial planning (i.e. marketing,…

A: Financial planning can be defined as the process of evaluation of the current profitability,…

Q: Explain the importance of accounting information for internal parties—primarily management—in terms…

A: Accounting information:-Management uses this information, analyzes the data, and displays the…

Q: Financial Statements

A: Management reports are the reports that contain the data related to the performance of the company…

Q: What  are  the  main types  of  decisions  made  by  the  financial  managers  of  a company?

A: FINANCIAL manager  are managers  responsible for important decisions in the company and responsible…

Q: are the main decisions of the financial management? Expla

A: There are basically four types of decisions to be made as part of financial management.

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…