Financial accounting is a language used for communicating financial information that helps users make better economic...
- Financial accounting is a language used for communicating financial information that helps users make better economic decision. Discuss.
Homework Answers
Financial accounting is the language of the business. There are a lot of stakeholders in the business including the business owners, managers, employees, dealers, customers etc. All of these stakeholders communicate a lot of informations among each other related to the financial performance of the business. The information is pertinent to all the stakeholeders as it affects their financial worth. Financial accounting provides all the relevant financial informations to all these stakeholders which help them in making better decisions. The financial information is complex to understand. Financial accouting makes it easy for the users to understand and process the information. Just collecting information is not sufficient for making apt economic decisions. It is necesaary to understand, analyze, interpret and communicate the information. Financial accounting helps in processing, summarizing and communicating all the financial information and helps the stakeholders take decisions efficiently and effectively.
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Financial accounting is a language used for communicating
financial information that helps users make better economic...
What are the differences between the financial and managerial accounting? Discuss. Financial accounting is a language...
What are the differences between the financial and managerial accounting? Discuss. Financial accounting is a language used for communicating financial information that helps users make better economic decision. Discuss. What is meant by the accrual basis of accounting? Discuss. What are the differences between sole proprietorship, partnership, and corporations? Financial accounting information should have some characteristics in order to enhance the decision making. Discuss. Discuss how the choice of depreciation method can be used as a tool to increase reported...
Accounting is the process of organizing, analyzing, and communicating financial information that is used for decision-making....
Accounting is the process of organizing, analyzing, and communicating financial information that is used for decision-making. Group of answer choices True False
QUESTION 17 Financial accounting does not deal with which of the following? Measuring a company's economic...
QUESTION 17 Financial accounting does not deal with which of the following? Measuring a company's economic activity. Providing information to internal users. Preparing financial reports. Communicating financial results to investors. QUESTION 18 Financial accounting objectives do not include providing information: O Useful to investors and creditors in making decisions. To determine market values, assess profit potential, and evaluate management. Helpful to investors in predicting cash flows That tells about a company's economic resources and claims to those resources. QUESTION 19...
1. Choose the answer that is not a distinguishing characteristic of financial accounting information. It is...
1. Choose the answer that is not a distinguishing characteristic of financial accounting information. It is global information that reflects the performance of the whole company. It is used primarily by internal users to facilitate decision making within the company. It is more concerned with financial data than physical or economic data. It is more highly regulated than managerial accounting information. 2. What types of businesses can use a job costing system? A. Manufacturing and merchandising businesses B....
Financial accounting serves which primary function(s)? More than one may be correct. Helps investors make investment...
Financial accounting serves which primary function(s)? More than one may be correct. Helps investors make investment decisions about the company Measures business activities. O Communicates business activities to interested parties. Helps external users make business decisions about the business.
Here are some fundamental and enhancing qualitative characteristics of useful financial information:
Here are some fundamental and enhancing qualitative characteristics of useful financial information:1. Comparability2. Completeness3. Confirmatory value4. Faithful representation5. Freedom from error6. Materiality7. Neutrality8. Predictive value9. Relevance10. Timeliness11. Understandability12. VerifiabilityMatch each characteristic to one of the following statements.(a)- Accounting information cannot be selected, prepared, or presented to favor one set of interested users over another.(b)- Accounting information must be available to decision makers before it loses its ability to influence their decisions.(c)- Accounting information is prepared on the assumption that users...
This assignment has 3 parts: How do accounting policies and practices affect financial accounting information used...
This assignment has 3 parts: How do accounting policies and practices affect financial accounting information used for "external" decision making purposes? What governing and oversight bodies exist to help ensure timely and accurate reporting of financial information by publicly traded companies? How do internal controls help ensure that financial results are accurately and fairly presented for use by external users?
Provide information regarding users of managerial accounting and financial accounting. Discuss how each user can utilize...
Provide information regarding users of managerial accounting and financial accounting. Discuss how each user can utilize this information. Explain if you feel there are advantages or disadvantages of utilizing the different areas of accounting. Explain how learning about the different areas of accounting have enlightened your perception of pursuing employment in the accounting field.
In the context of managerial accounting, relevant information is information that will make a difference in...
In the context of managerial accounting, relevant information is information that will make a difference in the decision. is information that has been provided by the controller. must be provided in quantitative terms. must be reviewed by the chief financial officer before being provided to managers. Good managerial accounting information helps creditors decide on good credit risks. managers to do their jobs. stockholders make informed investment decisions. creditors assess liquidity. Which of the following is a characteristic of managerial accounting...
Distinguish between managerial and financial accounting on one of the items below: Users and decision makers....
Distinguish between managerial and financial accounting on one of the items below: Users and decision makers. Purpose of information. Flexibility of practice. Time dimension. Focus of information. Nature of information.
QUESTION 17 Financial accounting does not deal with which of the following? Measuring a company's economic activity. Providing information to internal users. Preparing financial reports. Communicating financial results to investors. QUESTION 18 Financial accounting objectives do not include providing information: O Useful to investors and creditors in making decisions. To determine market values, assess profit potential, and evaluate management. Helpful to investors in predicting cash flows That tells about a company's economic resources and claims to those resources. QUESTION 19...
Financial accounting serves which primary function(s)? More than one may be correct. Helps investors make investment decisions about the company Measures business activities. O Communicates business activities to interested parties. Helps external users make business decisions about the business.
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