Management, not the accountants, prepares a company's financial statements. Think what what this sentence means.

Q: What is the role of management accountant in the company

A: The role of management accountant in the company includes 1. To prepare internal financial reports…

Q: Explain the difference between management accounting and financial accounting.

A: ANSWER : Basis of difference Management accounting Financial accounting 1. Meaning…

Q: How does the time period assumption affect an accountant's analysis of business transactions ?

A: Time period assumption state that business organizations are required to prepare and present their…

Q: The financial statements of a company are management's, not the accountant's.” Discuss the…

A: Financial statement: Financial statements are prepared to summaries the account at the end of the…

Q: Give an example of how financial statements can be used internally by themanagers of a company.

A: Answer: Financing statements help companies to understand the financial health and are used for…

Q: Who is in charge of financial accounting and who is in charge of management accounting?

A: The Answer

Q: Elaborate why accounting is the language of business.

A: Accounting is a method through which business entity communicates its figures to its stakeholders.

Q: How does financial statements help employees in decision making?

A: Financial statements are statements or reports that are prepared at the end of the accounting period…

Q: Why is a company's accounting cycle so important? It is necessary to provide instances of why…

A: The financial accounting cycle of a firm refers to the whole process of recording and processing the…

Q: What are some of the uses that management may make of accounting information about individual…

A: In a company, generally, various divisions have been made according to the type and flow of work.…

Q: Which accounting system supports decision-making in the business? O a. Personal accounting O b. Cost…

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

Q: Distinguish between managerial and financial accounting in terms of the key consumers of their…

A: Introduction : When a company's transactions and economic activity throughout time are recorded and…

Q: Distinguish and explain how and why accounting is the business language.

A: Introduction: Financial accounting is the process of recording a company's financial transactions…

Q: Financial accounting provides information for managers and other internal users.

A: Managerial accounting provides information for managers and other internal users.

Q: Which of the following would not be considered internal users of accounting data for a company? a.…

A: The company produces accounting data in the form of financial reports and related disclosures. There…

Q: What are  the factors that accountants should consider when setting up company accounting policy…

A: The assets are the items in the balance sheet of the company that will generate the future economic…

Q: Explain how accounting is used to track and monitor the economic events that impact business…

A: Accounting is defined in simple terms as an art of keeping the record of financial transactions of a…

Q: Explain the accounting function within a firm. What does this function do, and why is it important?…

A: Accounting function: It is possible to classify accounting functions into two groups of functions,…

Q: “Uses the information to develop and implement a business strategy.” Is it not a primary function of…

A: Management Accounting:

Q: PLEASE ANSWER ALL OF THE ITEMS Write ‘True” if the statement is true and write “False” if the…

A: Managerial accounting involves the presentation of financial information for internal purposes to be…

Q: The decisions that financial managers make in companies differ according to the functions related to…

A: Financial Managers are the managers who are responsible for the maintenance, regulation, and…

Q: t

A: Definition of an Accountant An accountant is an expert who is liable for keeping and deciphering…

Q: Why is it important for engineers and managers to understand accounting principles? Name a few ways…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: How Business Analytics is used in the Accounting

A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…

Q: What are the role of accountants in the organization?

A: Role of accountants in an organization: 1. Collecting and recording accurately all the financial…

Q: Which characteristic applies more to financial accounting than to managerial accounting? a. Company…

A: Accounting have different branches which deals with different accepts of accounting. Financial…

Q: Who regulates financial accounting and who regulates managerial accounting

A: Financial accounting: Financial accounting is different from managerial accounting. Financial…

Q: How do the business processes and lines of business of a company influence the design of its…

A: The business processes and lines of business of a company influence the design of its accounting…

Q: What is the difference between managerial and financial accounting?

A: Financial accounting and managerial accounting are two of the most important fields of accounting.…

Q: Explain what management is, define accounting, and discuss the nature and purpose of accounting.

A: Management is the process of planning and organizing the resources and activities of a business to…

Q: Accounting is the information system that measures business activities, processes the information…

A: Business enterprises seek inputs in the form of information from various sources that can be used in…

Q: What are accounting and the business environment?

A: Accounting plays an important role in today's business environment as it helps to measure the…

Q: When it comes to the design of an Accounting Information System, how do an organization's business…

A: The Answer

Q: Explain why financial statements are important to managers and to outside parties

A: Financial statements are those statements that present a formal record of the various financial…