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What does this mean Basic terminology of the accounting process or financial reporting?
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∙ 11y ago
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How does society benefit from the financial reporting process?
what is the process for reporting accidents?
How can you justify that accounting is an information system?
Accounting itself is a systematic recording of transactions that occur in a business. It's the process of summarizing and reporting those transactions in financial statements. Accounting in itself is start of an information system.
What are the principal accounting reports involved in financial reporting process?
Balance sheet Income statement Statement of changes in equity Statement of cash flows Notes to the financial statements
What are principle accounting reports involved in financial reporting in general terms what is the purpose of these reports?
The results of the accounting process are the 5 core financial sections: Balance sheet Income statement Statement of changes in equity Statement of cash flows Notes to the financial statements.
What is the nature and purpose of accounting?
Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions for decision-making. Its purpose is to provide accurate and timely financial information to internal and external users to help in making informed business decisions and assessing the financial health and performance of an organization.
What is the fourth method the GASB uses to establish standards?
Consider significant areas of accounting and financial reporting that can be improved through the standard-setting process.
What is the relationship between finance and accounting?
accounting is the calculation process of financial transaction
Distinguish between cost accounting and financial accounting?
Financial accounting is the process of preparing financial statements using data and figures. Cost accounting is similar but you look for alternative ways to figure these figures and data.
Who is responsible for overseeing the financial reporting process of an organization?
Treasure
Why financial accounting defer with other disciplines?
Financial Accounting just deals with the recording, analysing and classification of financial statements. Whereby other disciplines related to Financial accounting deal with the information "recieved" from Financial Accounting. For example : Management Accounting deals with making decisions for the company's growth and stability, on the contrary Financial accounting provides the data to management accounting for its decision making process.
What does it mean information reporting?
Information reporting refers to the process of reporting financial or non-financial information to regulatory authorities, tax agencies, or other relevant parties. This helps ensure transparency, compliance with regulations, and accuracy in reporting financial transactions.
What are the primary objectives of the accounting function in an organization?
The primary objectives of the accounting function in an organization are to process financial information and to prepare financial statements at the end of the accounting period.
