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Why would one restate a financial statement?

One would restate a financial statement is, for example, new information comes to light after the financial statement was first produced. Sometimes accounting rules change and to allow comparison with accounts done under the new rules, previous accounts are restated to comply with the new rules.


How does cost accounting relates to management accounting and financial accounting?

cost accounting provides the basic information for both management and financial accounting.The similarities between government accounting and financial accounting is that both involves the balance of accounts.


How do you explain accounting Cycle?

It is a process to record business transactions in ledger accounts and then generating useful financial information for example income statement, balance sheet.


Is the adjusted trial balance a financial statement?

In and of itself, generally no. An adjusted trial balance is merely a statement that is used at the end of the accounting period to adjust accounts such as expenses and income and to insure that all adjusting entries and accounts balance before preparing the post closing trial balance and finally the financial statements such as Balance Sheet, Statement of Retained Earnings, and Statement of Owners Equity.


What does it mean to manage the accounting system?

To manage an accounting system. The system that manages the accounting. Accounting is: The action or process of keeping financial accounts


What are the advantages of an interlocking accounting system?

the financial accounts should be the same


What is ment by accounting?

Accounting is the keeping of financial accounts. Those who work in accounting are responsible for keeping accurate financial records, and providing reports to business owners, managers, and stockholders.


What is accounts payable on a financial statement?

Sundry Creditors


What is the Difference between integrated and interlocking accounting system?

Integrated system is one which combines the cost accounting and financial accounting functions in one system of ledger accounts while an interlocking system has a cost ledger for the cost accounting function and a financial ledger for the financial accounting function.


What financial statement does a accounts receivable belong?

Balance Sheet


The ledger accounts should be arranged in?

financial statement order


What is the difference between final account and financial statement?

Financial Statement: Financial statement is a instrument used to present a companies financial position. Financial statement complies with balance sheet, cash flow and funds flow statements. Final accounts is the final stage of preparation of financial statement