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Which branch of accounting is most concerned with the collection of detailed financial data for use in planning and controlling an entity?
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Main stages of the accounting system?
The main stages in the accounting process are, financial accounting and management accounting. Financial accounting is mainly concerned on classifying, measuring and recording the economics transactions of an entity in accordance with established principles, legal requirements and accounting standards. It is primarly concerned with communicating a true and fair view of the financial performance and financial position of an entity to external parties. Management accounting focus on the internal users, mainly concerened on collecting, analysing and interpreting qualitative and financial information. it is primarly concerned with communicating information to management for planning, controlling and decision making.
What are the components of a financial system?
Funds management, financial accounting, controlling
What are the component of financial system?
Funds management, financial accounting, controlling
What are the components of a financial information system?
Funds management, financial accounting, controlling
What are the components of financial information system?
Funds management, financial accounting, controlling
What classification of accounting is most concerned with the use of economic and financial information to plan and control many of the activities of the entity?
financial accounting
How to Compare and contrast financial management wit management accounting and financial accounting?
Management accounting is a field of accounting that analyzes and provides cost information to the internal management for the purposes of planning, controlling and decision making.Management accounting refers to accounting information developed for managers within an organization. CIMA (Chartered Institute of Management Accountants) defines Management accounting as "Management Accounting is the process of identification, measurement, accumulation, analysis, preparation, interpretation, and communication of information that used by management to plan, evaluate, and control within an entity and to assure appropriate use of an accountability for its resources". This is the phase of accounting concerned with providing information to managers for use in planning and controlling operations and in decision making.Managerial accounting is concerned with providing information to managers i.e. people inside an organization who direct and control its operations. In contrast, financial accounting is concerned with providing information to stockholders, creditors, and others who are outside an organization. Managerial accounting provides the essential data with which organizations are actually run. Financial accounting provides the scorecard by which a company's past performance is judged.Because it is manager oriented, any study of managerial accounting must be preceded by some understanding of what managers do, the information managers need, and the general business environment.
What is accounting theory and why is it important for accounting student to accounting theory?
Accounting theory is the collection of methodologies used in the study and application of the different financial principles. It is important for an accounting student to know it because it is the basis for all future accounting studies.
What is the End product of financial accounting?
Financial Accounting is concerned with preparation of Financial Statements that would serve the interests of Investors, Banks, Creditors, and general public at large. The aim of Financial Accounting is to facilitate Financial Decision Making based on Accurately Gathered Significant financial Information pertaining to the Performance of the Organization and also giving information about the Current position of the Organization's Assets and Liabilities.
What is Financial accounting data?
what is financial accounting?
What is the end product of accounting?
Financial Accounting is concerned with preparation of Financial Statements that would serve the interests of Investors, Banks, Creditors, and general public at large. The aim of Financial Accounting is to facilitate Financial Decision Making based on Accurately Gathered Significant financial Information pertaining to the Performance of the Organization and also giving information about the Current position of the Organization's Assets and Liabilities.
Could you explain Accounting 101?
Typically, it involves the theory of credit and debit, balance sheets, income statements, controlling accounting accounts, subsidiary ledgers, work sheets, depreciation methods, and basically financial accounting theory.
