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-statement of financial position,
-statement of profit and loss and other comprehensive income,
- statement of cash flows,
-statement of change in equity,
-Notes to the account
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What types of accounting reports are prepared in conformity with generally accepted accounting principles?
Financial Statements
Managerial accounting reports can be described as?
general purpose
Why do accounting systems of different countries differ?
Accounting systems of different countries differ because accounting is shaped by the environment in which it operates. Each country's accounting system has evolved in response to the local demands for accounting information. Because of globalization of capital markets, the lack of comparability has become a problem as transnational financing and transnational investments have grown rapidly in recent decades. Due to the lack of comparability, a firm may have to explain to investors why its financial position looks very different on financial reports that are based on different accounting practices.
What are the functions of accounting information?
External users of accounting information (especially investors) use accounting information like annual and quarterly reports to base their investing decisions on, and to compare different companies.Understandability This implies the expression, with clarity, of accounting information in such a way that it will be understandable to users - who are generally assumed to have a reasonable knowledge.
What are the distinguishing features of managerial accounting?
How would you describe the difference between financial and managerial accounting? First, the primary users of reports in financial accounting is external users: stockholders, creditors, and regulators. The primary users of managerial accounting is internal users: officers and managers. Second, the types and frequency of reports for financial accounting uses financial statements and they are quarterly and annually. Managerial accounting uses internal reports and as frequently as needed. Third, the purpose of reports for financial accounting is general-purpose and managerial accounting is special-purpose for specific decisions. Fourth, content of reports for financial accounting is limited to double-entry accounting and cost data, highly aggregated (condensed), pertains to business as a whole, and generally accepted accounting principles. Managerial accounting is extended beyond double-entry accounting to any relevant data, very detailed, pertains to subunits of the business, and standard is relevance to decisions. Last, financial accounting verification process is audit by CPA and managerial accounting verification process is no independent audits.
What are different accounting report?
The balance sheet, income statement, statement of retained earnings, and a cash flow report are different types of accounting reports.
What types of accounting reports are prepared in conformity with generally accepted accounting principles?
Financial Statements
Managerial accounting reports can be described as?
general purpose
Who reviews reports for SEC compliance?
Financial Accounting
Why do accounting systems of different countries differ?
Accounting systems of different countries differ because accounting is shaped by the environment in which it operates. Each country's accounting system has evolved in response to the local demands for accounting information. Because of globalization of capital markets, the lack of comparability has become a problem as transnational financing and transnational investments have grown rapidly in recent decades. Due to the lack of comparability, a firm may have to explain to investors why its financial position looks very different on financial reports that are based on different accounting practices.
Do management accounting reports have to be prepared in accordance with GAAP?
Yes
What are the functions of accounting information?
External users of accounting information (especially investors) use accounting information like annual and quarterly reports to base their investing decisions on, and to compare different companies.Understandability This implies the expression, with clarity, of accounting information in such a way that it will be understandable to users - who are generally assumed to have a reasonable knowledge.
What is computered accounting system?
When accounting procedures and accounting reports are maintained by using computers then it is called computerized accounting system like, peachtree, quickbooks, oracle financial etc.
What are the barriers of investing internationally?
There are many barriers of international investment:many different currencieslaws and taxes vary from country-to-countrylanguage barriers (especially for accounting reports)
How does cost accounting connect with financial accounting and management accounting?
Management accounting gathered data or information from cost accounting and financial accounting. After that, it analyzes and interprets the data to prepare reports and provide necessary information to the management.
What are the distinguishing features of managerial accounting?
How would you describe the difference between financial and managerial accounting? First, the primary users of reports in financial accounting is external users: stockholders, creditors, and regulators. The primary users of managerial accounting is internal users: officers and managers. Second, the types and frequency of reports for financial accounting uses financial statements and they are quarterly and annually. Managerial accounting uses internal reports and as frequently as needed. Third, the purpose of reports for financial accounting is general-purpose and managerial accounting is special-purpose for specific decisions. Fourth, content of reports for financial accounting is limited to double-entry accounting and cost data, highly aggregated (condensed), pertains to business as a whole, and generally accepted accounting principles. Managerial accounting is extended beyond double-entry accounting to any relevant data, very detailed, pertains to subunits of the business, and standard is relevance to decisions. Last, financial accounting verification process is audit by CPA and managerial accounting verification process is no independent audits.
How are business letters and business reports different?
A business letter is a written communication to or from a business or to or from any party regarding a business matter. A report is a compilation of information on any subject. Common subjects for business reports are accounting summaries, sales reports, staffing reports, research projects, statistics, etc.
