Homework Answers
1) Accounting refers to the systematic process of recording financial transactions pertaining to the economic entities such as corporations and businesses. The process of accounting includes identification, classification, recording, verification, processing, summarizing, interpretation and reporting these transactions to regulators, oversight agencies, and tax collection entities.
2) Accounting is useful because it helps to keep a track on the income and expenditures, ensuring the statutory compliance, and providing management, investors, government, and interested parties with quantitative financial information to overview the business while decision making.
3) A debtor refers to an entity or an individual who owes money to another party. Conversely, a creditor refers to an entity or an individual that extends credit or lends money to another party
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1. What is accounting? 2. Why, and to whom, is accounting useful? 3. Differentiate debtors from...
1. Differentiate broadly between financial accounting and managerial accounting. 2. Differentiate between "financial statements" and "finan-...
1. Differentiate broadly between financial accounting and managerial accounting. 2. Differentiate between "financial statements" and "finan- cial reporting." 3. How does accounting help the capital allocation process? 4. What is the objective of financial reporting? 5. Briefly explain the meaning of decision-usefulness in the context of financial reporting. 6. Of what value is a common set of standards in financial accounting and reporting? 7. What is the likely limitation of "general-purpose finan- cial statements"? 8. In what way is the...
Explain why the following stakeholders use accounting information. a. Creditors (2 marks) b. Debtors (2 marks)...
Explain why the following stakeholders use accounting information. a. Creditors (2 marks) b. Debtors (2 marks) c. Employees (2 marks) d. Analysts (2 marks) e. Public (2 marks)
QUESTIONS 1. Differentiate broadly between financial accounting and managerial accounting. 2. Differentiate between "financial statements" and...
QUESTIONS 1. Differentiate broadly between financial accounting and managerial accounting. 2. Differentiate between "financial statements" and "finan- cial reporting." 3. How does accounting help the capital allocation process? 4. What is the objective of financial reporting? 5. Briefly explain the meaning of decision-usefulness in the context of financial reporting 6. Of what value is a common set of standards in financial accounting and reporting? 7. What is the likely limitation of general-purpose finan- cial statements"? 8. In what way is...
1. What is epidemiology? 2. What is managerial epidemiology? 3. How is managerial epidemiology a useful...
1. What is epidemiology? 2. What is managerial epidemiology? 3. How is managerial epidemiology a useful tool to health care professionals in leadership roles? 4. Why is it important for managers to embrace methods of epidemiology in their day-to-day work? 5. What did you learn after reading this chapter about how to distinguish between a good study and a bad study?
Answer these question in less then 3-4 lines. Questions 1. Differentiate between Management accounting and Financial...
Answer these question in less then 3-4 lines. Questions 1. Differentiate between Management accounting and Financial accounting . 2. What are the three management functions that management accounting information can be used to make them become more effective? Explain each very briefly. 3. Explain what is the process of control? 4. Why is feedback necessary in management process? 5. What does Total Quality management emphasize [or put stress on]? 6. What are the two factors that can prevent a manager...
Answer these question in less then 3-4 lines. Questions 1. Differentiate between Management accounting and Financial...
Answer these question in less then 3-4 lines. Questions 1. Differentiate between Management accounting and Financial accounting 2. What are the three management functions that management accounting information can be used to make them become more effective? Explain each very briefly. 3. Explain what is the process of control? 4. Why is feedback necessary in management process? 5. What does Total Quality management emphasize (or put stress on)? 6. What are the two factors that can prevent a manager to...
Discussion Questions 1. What are the major differences between managerial accounting and financial accounting? 2. a....
Discussion Questions 1. What are the major differences between managerial accounting and financial accounting? 2. a. Differentiate between a department with line responsibility and a department with staff re- sponsibility. b. In an organization that has a Sales Department and a Personnel Department, among others, which of the two departments has (1) line re- sponsibility and (2) staff responsibility? 3. What manufacturing cost term is used to describe the cost of materials that are an integral part of the manufactured...
1. What is a business plan, for whom is it prepared, and why? 2. What should...
1. What is a business plan, for whom is it prepared, and why? 2. What should a complete business plan include? 3. Who should prepare the business plan? 4. How is the plan used by potential investors, and what are the four anchors they are attempting to validate?
Answer the Following Questions in detail 1. Differentiate between “Auditing” and “Accounting” . 2. What are...
Answer the Following Questions in detail 1. Differentiate between “Auditing” and “Accounting” . 2. What are different Types of Risks? Explain the importance of auditing in reducing information risk, the causes of information risk, and explain how this risk can be reduced. 3. What do you understand by Quality Control Standards & Practices within the Accounting Profession? 4. What do you understand by the term “Audit Report”? 5. What the 4 Categories of Audit Report? Briefly Explain 6. What is...
QUESTIONS 1. What is a conceptual framework? Why is a conceptual framework necessary in financial accounting?...
QUESTIONS 1. What is a conceptual framework? Why is a conceptual framework necessary in financial accounting? 2. What is the primary objective of financial reporting? 3. What is meant by the term "qualitative characteristics of accounting information"? 4. Briefly describe the two fundamental qualities of useful accounting information
1. Differentiate broadly between financial accounting and managerial accounting. 2. Differentiate between "financial statements" and "finan- cial reporting." 3. How does accounting help the capital allocation process? 4. What is the objective of financial reporting? 5. Briefly explain the meaning of decision-usefulness in the context of financial reporting. 6. Of what value is a common set of standards in financial accounting and reporting? 7. What is the likely limitation of "general-purpose finan- cial statements"? 8. In what way is the...
QUESTIONS 1. Differentiate broadly between financial accounting and managerial accounting. 2. Differentiate between "financial statements" and "finan- cial reporting." 3. How does accounting help the capital allocation process? 4. What is the objective of financial reporting? 5. Briefly explain the meaning of decision-usefulness in the context of financial reporting 6. Of what value is a common set of standards in financial accounting and reporting? 7. What is the likely limitation of general-purpose finan- cial statements"? 8. In what way is...
1. What is epidemiology? 2. What is managerial epidemiology? 3. How is managerial epidemiology a useful tool to health care professionals in leadership roles? 4. Why is it important for managers to embrace methods of epidemiology in their day-to-day work? 5. What did you learn after reading this chapter about how to distinguish between a good study and a bad study?
Answer these question in less then 3-4 lines. Questions 1. Differentiate between Management accounting and Financial accounting 2. What are the three management functions that management accounting information can be used to make them become more effective? Explain each very briefly. 3. Explain what is the process of control? 4. Why is feedback necessary in management process? 5. What does Total Quality management emphasize (or put stress on)? 6. What are the two factors that can prevent a manager to...
Discussion Questions 1. What are the major differences between managerial accounting and financial accounting? 2. a. Differentiate between a department with line responsibility and a department with staff re- sponsibility. b. In an organization that has a Sales Department and a Personnel Department, among others, which of the two departments has (1) line re- sponsibility and (2) staff responsibility? 3. What manufacturing cost term is used to describe the cost of materials that are an integral part of the manufactured...
1. What is a business plan, for whom is it prepared, and why? 2. What should a complete business plan include? 3. Who should prepare the business plan? 4. How is the plan used by potential investors, and what are the four anchors they are attempting to validate?
QUESTIONS 1. What is a conceptual framework? Why is a conceptual framework necessary in financial accounting? 2. What is the primary objective of financial reporting? 3. What is meant by the term "qualitative characteristics of accounting information"? 4. Briefly describe the two fundamental qualities of useful accounting information
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