Ca1.4 (lo 1) (financial accounting) omar morena has recently completed his first year of studying accounting. his instructor for next semester has indicated that the primary focus will be the area of financial accounting. instructions a. differentiate between financial accounting and managerial accounting. b. one part of financial accounting involves the preparation of financial statements. what are the financial statements most frequently provided? c. what is the difference between financial statements and financial reporting?
Solved
Show answers
More tips
- H Health and Medicine Boosting Immunity: A Complete Guide on How to Improve Your Body’s Natural Defenses...
- C Computers and Internet The Best Antivirus Programs for your PC...
- H Health and Medicine Angina: Causes, Symptoms, and Treatment...
- C Computers and Internet How to Learn to Type Fast?...
- F Food and Cooking Delight for Gourmets: How to Prepare Liver Pate...
- S Style and Beauty How to braid friendship bracelets?...
- H Health and Medicine Mercury Thermometer Danger: What to do when a thermometer breaks?...
- F Food and Cooking Which Calamari Salad is the Most Delicious?...
- S Society and Politics 10 Tips for Boosting Your Self-Esteem...
- F Food and Cooking The Most Delicious and Simple Fish in Batter Recipe...
Answers on questions: Business
- B Business OFFICIAL FNAF SERVER!! :D https://disco rd.gg/A qyzgKQm...
- B Business Individual economize and respond predictably to...
- M Mathematics Answers please I m desperate...
- H History Islamic law is also known as...
- M Mathematics 20 is what number of 400...
- M Mathematics 38/6 converted to a mixed number...
- M Mathematics 9.29 in fraction form...
- M Mathematics What is the answer for 84x1/2...
- B Business Select all that apply. is an example of a postsecondary degree. master s bachelor s associate s specialist s...
- B Biology What steps are necessary before a hypothesis can be formulated....
Ответ:
The complete answers are below.
Explanation:
a) The main difference between Financial Accounting and Managerail Accounting is its purposes and the stakeholders who make use of the information that each one provides.
While financial accounting refers to the aggregation of accounting information in the financial statements, management accounting refers to the internal processes used to account for business transactions.
For instance: Financial accounting reports on the results of an entire business, Managerial accounting reports at a more detailed level. Financial accounting must comply with various accounting standards, whereas managerial accounting does not have to comply with any standards when information is compiled for internal consumption.
b) The financial statements most frequently provide are: Balance Sheet or Financial Position, Income Statement, Statement of cash flows and Statement of Changes in Equity.
c) In general, financial reports and financial statements differ in the formal status of financial statements in business and accounting, and these respond to standards such as GAAP and IFRS. While the financial reports have a format or presentation rules given by management, the financial statements, in the other hand, are prepared on regular basis as specific entities are required to do so according to applicable laws. It can be said that financial accounting provides financial statements and managerial accounting is responsible for financial reports.
Ответ:
I will join at lunch
Explanation: