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

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: How accounting information help stakeholders in decision making

A: Accounting is the process of recording, classifying and summarising accounting information in such a…

Q: Describe the reasons why financial accounting is useful?

A: Financial accounting is a specific branch of accounting involving a process of recording,…

Q: For each of the following users of financial ače accounting information, specify whether the user…

A: Important thing to Note the parties which are outside to the organization will not have access to…

Q: The accounting process generates financial reports forboth internal and external users. Describe…

A:

Q: What are some of the accounting information costs? What are some advantages of accounting data?…

A: The answer:

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: Prepare statement of financial position

A: Introduction: Statement of financial position: All the assets and liabilities are shown in balance…

Q: Analyze routine economic events—transactions—and record their effects on acompany’s financial…

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

Q: Explain the economic environment of financial accounting.

A: The economic environment of financial accounting.

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: What is financial accounting process

A:

Q: Describe the goals of accounting standards.

A: Accounting standards are authoritative standards for financial reporting and are the primary source…

Q: examples of decisions that can be supported by accounting information

A: Accounting information represents the financial information about the company which is useful for…

Q: Describe how debits and credits impact assets, liabilities , owner,s equity

A: The books of accounts are prepared as per the double accounting system. All the debits shall be…

Q: Financial accounting information?

A: Introduction: Accounting: The process in which the financial transactions of the business entity are…

Q: differentiate between financial accounting and management accounting

A: Accounting is the process of record of financial data with sorting, storing , retrieving,…

Q: Mention the key features of the Income and Expenditure Account.

A: Lets understand the basics. Income and expenditure account is a account prepared for non trading…

Q: explain the purpose and importance of accounting

A: 1. The purpose of Accounting :    The purpose of accounting is to gather and report on financial…

Q: Define accounting equation

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: which internal users need the accounting information

A: Accounting information data is the data that emerges from business exchanges. When distinguished,…

Q: Provide statement of financial position

A: Statement of Financial Position The purpose of preparing the statement of financial position to know…

Q: Explain what makes information in financial statements relevant to use

A: Solution- I think Cash flow statement is the most important for investor to look at although he gets…

Q: Describe the points how to prepare financial statements.

A: Financial Statement:   It refers to the records of an organisation that reports the business…

Q: users of the financial information

A: Users of financial information are those people who read the financial statements and use the…

Q: Identify TWO external consumers of accounting information and explain how that accounting…

A: Introduction: The term "financial statement" refers to any statement, such as an income statement, a…

Q: Define the expenses of products and periods and explain how they affect financial accounts.

A: This question explains about products and periods and financial accounts.

Q: Discuss the importance and the use of financial statements.

A: Importance of Financial Statements: Importance to Management: For their intentions, the management…

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

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

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: Explain the methods of accounting.

A: Accounting methods refers to the ways which are adopted by the company in order to record its income…

Q: Briefly describe the two fundamental qualities of useful accounting information.

A: Accounting information is data about a business entity’s transactions. From buying inventory and…

Q: Explain the application of the basic principles of accounting.

A: Income tax expense:   The expenses which are related to the taxable income of the individuals and…

Q: Elaborate the users of Financial Statement in detail

A: Financial statements give overall growth to economy. There are may users of financial statements who…

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: Make logical comparison between financial accounting with other fields of accounting ?

A: Accounting It is a process under which financial transactions are recorded ,stored, retrieving ,…

Q: Demonstration of the relationship between GAAP and accounting practices (e.g., matehing prineiple…

A: The process by which financial transactions of the business are recorded and communicated with the…

Q: Identifying users of accounting information For each of the users of accounting information,…

A:

Q: The users of accounting information can be classified into internal and external users. Clearly…

A: Accounting information is the information related to the concepts of accounting which are to be used…

Q: Discuss the  meaning and needs of accounting standards.

A: Accounting standards:Accounting standards are common set of principles, procedures and standards for…

Q: Which type of accounting information is intended to satisfy the needs of external users of…

A: Financial accounting, management accounting and cost accounting are different forms of accounting.…

Q: Choose one topic from accounting and write a report on it.

A: Accounting is that the method of recording money transactions concerning the business. The…

Q: Which account records is the main source of information used to prepare the financial statements

A: generally, primarily we start accounting by recording journal entries, then we do ledger postings,…