For this assignment, discuss how the finance function is interrelated and connected to the other business functions.

Q: Explain in detail and also give example. Business Entity concept

A: Accounting concepts: Accounting concepts laid the foundation for recording all the financial…

Q: When it comes to financial accounting, what is the most important function?

A: The most important function of financial accounting is to provide financial statements to the users…

Q: What are the functions of the financial balance sheet in assisting in management's decision-making…

A: The question is based on the usage of balance sheet in financial decision making  by managers.

Q: How is finance related to other functional areas in a business organization (marketing, production,…

A: The question is based on the role of finance and its application in the business house. Finance is…

Q: What is the definition of a conceptual framework? Why is it vital to have a conceptual framework in…

A: Conceptual Framework: A conceptual framework logically explains connected aims and foundations that…

Q: Financial reporting information may be described in terms of its qualitative features.

A: This question explains about financial reporting information

Q: Explain the composition and elements of a financial environment and how they interrelate with one…

A: The whole financial system is about getting the money from savers and proving it to who need it…

Q: Explain the qualitative characteristics of financial reporting information.

A: Conceptual Framework: The FASB's Conceptual Framework for Financial Reporting states the objectives…

Q: explain in details financial management cycle

A: The financial management cycle represents the cycle for the management of the finance of the…

Q: Explain how accounting activities are different from financing activities by providing real-life…

A: Accounting is the practice of preparing accounting records, including measuring, preparation,…

Q: Explain an example of objective of financial reporting.

A: Hi since examples cannot be used to explain the objectives of financial reporting. It is assumed…

Q: What is the objective of a financial accounting system, and how does it work?

A: Financial accounting is one of the branch of accounting, which is the process of identifying,…

Q: List and explain the objectives of Financial Reporting.

A: Financial reporting is providing detailed financial information to all relevant parties on the…

Q: What are the two primary functions of financial accounting?

A: Financial accounting is that field of accounting in which all financial transactions are recorded in…

Q: Identify transactions that are classified as financing activities.

A: Definition:   Statement of cash flows: This statement reports all the cash transactions which are…

Q: Compare and contrast financial and managerial accounting.  In your own words

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: how is financial management related to economics on the one hand and accounting on the other hand.

A: Financial Management: It refers to the planning, directing, organizing & controlling the…

Q: Which of the following is related to conditions of credit? a. Competition b. Integrity c. Management…

A: Meaning of Credit -It is a term used in the contract that states a person provides a loan or advance…

Q: Explain the composition and elements of a financial environment and how they interrelate with one…

A: A financial environment consists of banks, insurance companies, stock exchange, pension funds etc.…

Q: What is a conceptual framework? Why is a conceptual framework necessary in financial accounting?

A: Conceptual Framework: A conceptual framework is a logical presentation of interrelated objectives…

Q: Describe the function and primary focus of financial accounting.

A:

Q: What is a conceptual framework, and how does one create one? In financial accounting, why is a…

A: Conceptual Framework: A conceptual framework logically explains related goals and foundations;.bu1Z…

Q: 4. How the following two constraints related to financial accounting theory affecting organization?…

A: Financial reporting means releasing the financial reports of the company to its shareholders and in…

Q: What is the equation that shows the relationship between elements of financial data

A: The equation that shows the relationship between the elements of financial data is shown hereunder :…

Q: What is the primary means of conveying financial information to external users?

A: Financial reporting: Financial reporting is the procedure to communicate the financial information…

Q: of using financial manage

A: Given information :  In simple words, Financial management entails the planning,, arranging,…

Q: What is the objective of financial reporting?

A: Financial reporting: Financial reporting is the procedure to communicate the information obtained…

Q: Emphasize the role of the financial manager and his or her responsibilities.

A: The financial manager and his or her responsibilities:

Flow of Funds

The flow of funds is the financial accounts of the nation, which monitor and control the cash flow among various sectors or industries, or markets. Central banks use these flow of funds statements to acquire macroeconomic data, to publish cash inflow and cash outflow statements of the nation. This flow of funds system is utilized to identify economic activity and changes in the economy. It is used by Federal Reserve to determine the Gross Domestic Product (GDP) of the nation and to implement monetary policy and fiscal policies.