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Which statement is most accurate?
-
Accounting and finance are not related.
-
Financial managers keep the books for a firm. -
Financial managers need to understand accounting.
-
Nonprofit organizations need accounting but not finance.
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- Why does financial accounting have a positive impact on our society? a. It entails a detailed transaction record necessary for filing taxes with the Internal Revenue Service (IRS).b. It allows investors and creditors to redirect their resources to successful companies and away from unsuccessful companies.c. It prevents competitors from being able to steal the company’s customers.d. It provides a system of useful internal reports for management decision making.“Management accounting should not fit the straitjacket of financial accounting.” Explain and givean example.Management accounting provides economic and financial information for external users such as shareholders, creditors and banks. Select one: True False
- Financial accounting always discusses the events and transactions in terms of money where as cost & management accounting discusses the aspects in terms of profits and losses and concern is related to reporting to management. Thus it can be assumed that these accounting are integral part of any company or business. But if discuss about various other type of organizations such as any NGO like Teach for India, Smile foundation, NGO Darpan, it is a difficult task to use cost and management accounting for their non-financial measures. Could you suggest some ways by which these organizations can utilize all branches of accounting for their decision making process.Discuss the role of finance in business. What is the purpose of financial management? Describe the kinds of activities that financial management involves. What kind of tools do financial managers leverage to access and/or monitor the health and performance of a business?financial accounting focuses on providing information to internal users , is it true or false ?
- Differentiate between Financial Accounting and Management Accounting. Why doyou think financial reports are subject to regulation, whereas management accountingreports are not?Explain accounting principles and how they are used within financial management in relation to analyzing financial health. What accounting information and approaches do financial analysts rely on, and how do they use it? What would happen if that information was not available or was not accurate?]Explain the importance of using financial management for business decisions, and provide examples to support your claims. How do these responsibilities help to inform management decisions, and what would happen if management didn't have this information? This should be a brief paragraph with examples.
- Financial accounting provides information for managers and other internal users. Select one: True False20)Which of the following is the best definition of an internal user of accounting information? A) Creditors, such as banks, that use accounting information to evaluate the risk of lending money B) Investors who use accounting information to decide whether to buy or sell stock C) Managers who use accounting information to plan, organize, and run a business D) Labor unions who use accounting information to examine the ability of the company to pay increased wages and benefitsWhy is it necessary to have accounting standards? O A. so managers in the company can control the company's finances O B. to prevent people outside the company from examining the company's finances O C. to make it impossible to compare one company's finances with those of another O D. so all companies use the same methods for recording financial transactions