Answered: Preparing profit and Loss account and…

Preparing profit and Loss account and balance sheet is the objectives of a. Cost Accounting b. All of these O c. Financial Accounting O d. Management Accounting

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter1: Role Of Accounting In Society

Section: Chapter Questions

Problem 18MC: Typical accounting tasks include all of the following tasks except ________. A. auditing B....

See similar textbooks

Related questions

Q: An accounting approach to rel ect the needs of each stakeholder is called this.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Human Resources Accounting is a tool of management accounting O a. True O b, False

A: HR Accounting is used to measure The American Accounting Association Committee on HRA has defined…

Q: difference between financial accounting and management accounting

A: Financial accounting is the process of collecting data to create financial statements. Managerial…

Q: Answer the following: Question One: State the accounting equation and define its components with…

A: Accounting refers to the process of recording, processing and eventual communication of financial…

Q: Identify each of the following as an accounting Principle, Assumption, or Constraint. 1. Time period…

A: Accounting principles are guidelines issued by the appropriate authority and should be used while…

Q: plain what’s manage define accounting and describe nature and objective of accounting.

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

Q: important output of the accounting cycle is the financial statements.

A: Accounting cycle is the flow of accounting process from the recording of the transaction until…

Q: _____________ is devoted to providing information to the external users

A: External users are investors, creditors and other third parties who review the financials of the…

Q: a. In accounting there is the multi-step income statement and the simple income statement. Which…

A: Income Statement - It is a statement which calculates the net income of the firm by showing and…

Q: Management accounting is: a. Communication oriented b. Finance oriented c. Past oriented d. Future…

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

Q: Explain the costbenefits principles and how this affects the reliability and relevance of the…

A: Relevance refers to the concept or an idea that whatever information that is provided by the…

Q: Describe the effect of each transaction on the basic accounting equation.

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation,…

Q: Mention the branches of accounting from the following. a. Cost accounting b. Financial accounting c.…

A: Branches of accounting 1 Cost accounting 2. Financial accounting 3. Management accounting

Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…

Q: The type of accounting that is related to cost ascertainment and control is: a. Cost accounting b.…

A: Financial accounting helps in preparation and presentation of financial statements Taxation…

Q: statement is true or false, and correct the false statement(s): 3 The tinal output of managerial…

A: Managerial accounting is branch of accounting. This is made for the internal users. This involves…

Q: mation used in the financial accounting and management accounting Accounting Education b. a. Cost…

A: Since we answer only one question, we will answer the first question. Please resubmit the question.…

Q: Accounting equation is developed based on which of the following ? a. Historical cost b. Money…

A: An accounting equation is an equation which states that asset is equal to the sum of liability and…

Q: Distinguish between managerial and financial accounting

A: Managerial Accounting is the application of various analysis, measurements, identification,…

Q: Financial accounting deals with the following except Select one: a. Prepares the budgets and…

A: Solution:- Introduction:- Financial accounting deals with the preparation and presentation of…

Q: Indicate the proper accounting for the following items.(a) Organization costs. (c) Operating…

Q: State whether the following questions is True (T) or False (F): a) Management accounting is future…

A: Management accounting is a kind of accounting system used for the internal purpose where the…

Q: Define accounting profit

A: The profit earned by an entity after considering all the cost and expenses accruing to the entity…

Q: Accounting measurement is the computation of.......... Select one : a . All the other points b .…

A: Accounting is the process of identifying, recording, classifying, summarising and circulating…

Q: To understand and use accounting information in makingeconomic decisions, you must understand: a.…

Q: Under the historical cost accounting model the financial statement that is regarded as the most…

A: A financial statement is prepared by the management for users' decision making, it includes the…

Q: -Management Accounting takes data from: a. Cost accounting b. All the options listed c. Taxation…

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

Q: Looking for help with accounting basics, the T structure

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Who are the focused users/stakeholders of financial accounting and cost accounting?

A: Financial and Cost accounting are the major accounting area in an organization. It will helpful to…

Q: An accountant must be familiar with the concepts involved in determining earnings of a business…

A: Since you have posted a question with multiple subparts, we will solve first three subparts for you…

Q: An internal accounting system should: a. provide information to enable costs to be minimized b.…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: 1. State whether the following questions is True (T) or False (F). a. Management accounting is…

A: Financial accounting is an accounting technique which records all monetary transactions, then…

Q: ccording to Generally Accepted Accounting Principles (GAAP), revenue is ncome when: a contract is…

A: According to Generally Accepted Accounting Principles (GAAP), Revenues are recognized as income when…

Q: Financial accounting is concerned -3 * with a- analysis and classification of cost elements b- the…

A: As per our honor code, I can answer only first question. If you want the answer for unanswered…

Q: Management Accounting takes data from: a. Cost accounting b. All the options listed c. Financial…

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

Q: is the segment of activity of a business which is responsible for both revenue and expenses. a.…

A: The segment which is responsible for revenue and expenses is the profit center but it is not…

Q: management accounting and (2

A: Management accounting As per the Financial Services Institution, management accounting is the…

Q: Explain the following and describe its impact on the financial statements: a. cost principle b.…

A: Financial statements are written records that present the business activities and the financial…

Q: mention the users of financial information and their respective needs.ment accounting and cost…

A: The users of financial information and their respective needs are discussed hereunder :

Q: The main user group of management accounting is the O A. managers B. investors O C creditors O D.…

A: Management accounting includes ascertainment and allocation of cost incurred during the period. This…

Q: Cost Accounting verity more from Financial Accounting? True Flase

A: Cost accounting can be defined as an important branch of managerial accounting under which the…

Q: Define accounting income

A: Income: It can be defined as the amount received by the business or an individual from selling its…

Q: Which of the following branches of accounting is the original form of accounting? a. Financial…

A: The branches of accounting are 1 Financial accounting 2 Cost accounting 3. Management accounting…

Question

Q17

Preparing profit and Loss account and
balance sheet is the objectives
of
a. Cost Accounting
b. All of these
c. Financial Accounting
O d. Management Accounting

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

What is the purpose of management accounting?
Typical accounting tasks include all of the following tasks except ________. A. auditing B. recording and tracking costs C. tax compliance and planning D. consulting E. purchasing direct materials
The basic Objective of the management accounting is to supply the accounting information to the.........
Management Accounting takes data from: a. Cost accounting b. All the options listed c. Financial accounting d. Taxation Accounting
Typical accounting tasks include all of the following tasks except ________.A. auditingB. recording and tracking costsC. tax compliance and planningD. consultingE. purchasing direct materials
Distinguish between managerial and financial accounting on
Describe the nature and scope of management accounting? Nature of management accounting:. 1.Provids financial data: Management accounting provides financial data to the management and information so collected is used by the management for taking policy decisions. 2.Decision making: The management accounting supplies necessary information to the management, basing on which decision are taken. Scope of management of accounting:. 1.Financi accounting. 2.Cost accounting. 3.Revaluatiom accounting. 4.Budgetary control.
Under the historical cost accounting model the financial statement that is regarded as the most important is: Select one: a. Balance sheet b. Cash flow statement c. Income statement d. They are all equally important
Which of the following is not a management accounting report? A.Income statement B.Sales forecast C.Cost report D.Budget
Please help with this Accounting type Question: Which of the following is not a tool of management accounting? A. Financial Accounting B. Inflation Accounting C. Standard Costing D. Analysis of Financial Statements
Meaning of accounting principles with examples: i. Money measurement conceptii. Dual aspect concept iii. Objectivityiv. Historical cost
Classify the following as to whether they are normally related or not to accounting and finance functions: 1. Investment management 2. Preparation of accounting systems and procedures manual 3. Marketing 4. Cost reduction studies