Discuss 5 reasons for reconciliation between cost and financial accounting.
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Discuss FIVE (5) reasons for reconciliation between cost and financial accounting.
Discuss FIVE reasons for reconciliation between cost and financial accounting.
Is this answer true or false?? Discuss (5) reasons for reconciliation between cost and financial accounting.q To find out the reason of the difference in the profit or loss in the cost and financial accounts to indicate the position clearly and to be sure that no mistakes pertaining to the accounts have been committed.q To ensure the mathematical accuracy and reliability of cost accounts in order to have cost ascertainment, cost control and to have a...
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...
Cost accounting is often referred to as "managerial accounting". Why do you think this is so? Discuss the ways that a company uses cost accounting, and how it uses financial information for the purposes of cost accounting. Discuss the differences between the reports prepared for managerial accounting and those prepared for financial accounting
1)A bank reconciliation is an analysis of the difference between the financial accounting records and the bank records to ensure the accurate ending cash balance. True False 2)The estimated value of sales returns should reduce gross sales in the period items are sold, not in the later period items are returned. True False 3)The lower-of-cost-or-market rule must be applied to each individual inventory item but not to groups of items True False 4)Which of the following assets would be classified...
Briefly discuss the differences between Financial and Management Accounting, and then critically discuss why do you think Financial Accounting statements are prepared following Generally Accepted Accounting Principles, while Management Accounting reports do now follow any such rules. 20 marks
When accounting for income taxes, the differences between financial accounting and taxation accounting creates permanent and temporary differences between the expenses and liabilities reported under each regime. Why do these differences exist? What are the reasons that explain why we have one system of accounting for financial reporting, and a second for taxation? Please give an in-depth explanation for the various reasons for why there are two systems for this, instead of one. I am looking for a general explanation...
2. List the reasons why a bank reconciliation is a integral of internal financial controls.
Discuss the difference between management accounting and Financial Accounting and explain how Management Accounting information can assist management.