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What type of accountant would collect information on a firm's transactions and use the information to prepare financial statements that companies use in decision making?
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∙ 14y ago
B) Management accountant ( page 517)
Wiki User
∙ 14y ago
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Why do accountant need accounting information?
To perform Financial Analysis on companies
What does a banker or accountant do?
A banker does many things such as assist customers with managing their bank accounts. They may also open and close accounts for customers. An accountant prepares financial statements for companies and can also assist with a company's budgets and reports.
Do CPAs perform compilations for public or private companies?
This service, provided only to privately owned companies, is usually done in connection with helping the company record its transactions and transform its records into financial statements.
How would you describe a compilation performed by a CPA?
This service, provided only to privately owned companies, is usually done in connection with helping the company record its transactions and transform its records into financial statements.
What are the responsibilites of an Accountant?
The responsibility of an accountant is that they take care of other cooperation's finances, manage their money, and they also audit companies and prepare taxes for companies and private citizens.
Why do companies use digital certificate on their websites?
A digital certificate confirms the information has come from the source it's claimed to be, and that the site is encrypted for transactions to be exchanged.
Write accounting cycle?
The accounting cycle is often described as a process that includes the following steps: identifying, collecting and analyzing documents and transactions, recording the transactions in journals, posting the journalized amounts to accounts in the general and subsidiary ledgers, preparing an unadjusted trial balance, perhaps preparing a worksheet, determining and recording adjusting entries, preparing an adjusted trial balance, preparing the financial statements, recording and posting closing entries, preparing a post-closing trial balance, and perhaps recording reversing entries. Cycle and steps seem to be a carryover from the days of manual bookkeeping and accounting when transactions were first written into journals. In a separate step the amounts in the journal were posted to accounts. At the end of each month, the remaining steps had to take place in order to get the monthly, manually-prepared financial statements. Today, most companies use accounting software that processes many of these steps simultaneously. The speed and accuracy of the software reduces the accountant's need for a worksheet containing the unadjusted trial balance, adjusting entries, and the adjusted trial balance. The accountant can enter the adjusting entries into the software and can obtain the complete financial statements by simply selecting the reports from a menu. After reviewing the financial statements, the accountant can make additional adjustments and almost immediately obtain the revised reports. The software will also prepare, record, and post the closing entries.
Mission and vision statements of various companies?
The purpose of mission and vision statements of various companies is to show prospective customers what their vales and aims are in so far as to what they promise they can deliver. Most companies will have their mission and vision statements visible on their website.
Who often wins in credit transactions?
credit companies
What is meant by consolidated profit and loss?
When there is a parent and subsidiary companies exists in that situation the combined financial information of parent company as well as subsidiary companies are shown under one statment which are called consolidated financial statements so in consolidated profit and loss account combined information of both parent and subsidiaries shown together rather preparing separate statements.
What is meant by profit and loss?
When there is a parent and subsidiary companies exists in that situation the combined financial information of parent company as well as subsidiary companies are shown under one statment which are called consolidated financial statements so in consolidated profit and loss account combined information of both parent and subsidiaries shown together rather preparing separate statements.
What is consolidating financial statements?
hen a large company acquire one or more small companies then acquiring company is called the parent company and acquired companies are called subsidiary companies so when the financial statements of parent company and subsidiary companies are prepared in one financial statement altogether those financial statements are called consolidated financial statements.
