An economic event or condition that directly changes the financial condition of the company or directly affects its results of operations and should be recorded is called a/an ____________________. Group of answer choices accounting concept business transaction communication economic transaction

Q: What is accounting's role in a company?

A: The companies are run by the stakeholders' to earn the profits. The company hires the employees to…

Q: Focus on individual part or segment of business” explain this statement according to management…

A: Segmentation in a business can be done in a various ways like geographically, product wise, areas of…

Q: Accounting function definition in a firm. Whence comes the function, and why is it required? What…

A: Accounting is the systematic and detailed documentation of a company's financial transactions in a…

Q: he economic resources that a business owns and expects to be useful to deliver its purpose are known…

A: An asset is a resource with economic value that an individual, corporation, or enterprise owns with…

Q: Justify accounting's usage in tracking and monitoring economic events that impact business…

A: The answer for theory question on accounting's usage in tracking and monitoring economic events that…

Q: Which of the following is NOT one of the definitions of Management Accounting? Select one: a. Any…

A: Management accounting is the accounting that helps the management in planning and taking better…

Q: how management accounting affects in the formulation of the short-term goals and long-term goals of…

A: Managerial accounting: Managerial accounting is more focused towards analyzing information and…

Q: Analyze the impact of external factors (i.e., external to the company) on a company’s financial…

A: PESTEL analysis is one of the most important tools used by businesses to understand the industry and…

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

A: Lets understand the basics.Financial accounting, management accounting and cost accounting are…

Q: What is the role of the accountant in setting and implementing the goals of the company?

A: Profit maximisation: It is the goal of every company to earn maximum profit along with the…

Q: What are the key features to consider when selecting an accounting system for a business?

A: An accounting system for a business is a set of processes, procedures, and software applications…

Q: Value added statement is a statement prepared under: O Financial Accounting O Management Accounting…

A: Value Added Statements are financial statements that show how a business creates value and…

Q: How does a changing environment affect a business and how it relates to management accounting? Give…

A: A changing environment can impact various business aspects, such as its operations, strategy, and…

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: What is the difference between financial accounting and managerial accounting? How do they each…

A: Financial accounting and managerial accounting are two branches of accounting that serve different…

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: Why is accounting data so valuable to both within and outside the business stakeholder users and…

A: Stockholders possess shares of the corporation's capital stock. They are the genuine proprietors of…

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: The resources of value owned by a business are called _____________. Group of answer choices…

A: Business means the activity or occupation that is done to earn the revenues.

Q: What precisely distinguishes accounting from business admin

A: Accounting: It is the process of recording any financial transactions incurred in the financial year…

Q: Analyze and explain how accounting is used in business operations to track and monitor economic…

A: Accounting may be described simply as the skill of recording a business's financial transactions.

Q: What is the role of accounting in business and how does it contribute to organizational success?

A: Organizational success refers to the achievement of an organization's goals and objectives in a…

Q: What is the significant contribution of the Accounting Information System in the business value…

A: In most businesses, the accounting department is the single most frequent user of the accounting…

Q: xplain how a company's accounting function operates. In what way does this function serve a purpose,…

A: Accounting is the systematic recording of financial transactions and presentation of the same in…

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

A: AIS is an acronym for... Financial data may be retrieved, stored, managed, and processed using…

Q: Explain how an organisation uses management accounting practices.

A: Management accounting practices are systems that enable firms to generate information for budgeting,…

Q: An information system that provides reports to stakeholders about the economic activities and…

A: Accounting: The practice of documenting financial transactions that are relevant to a company is…

Q: company analysis and value based on accounting data

A: The Answer

Q: How do a company's operations and lines of business affect the architecture of its accounting…

A: SOLUTION  AN ACCOUNTING INFORMATION SYSTEM IS A SYSTEM OF COLLECTING , STORING AND PROCESSING…

Q: ow does financial and managerial accounting impacts in the business world?

A: Financial accounting is the process of preparing financial statements that businesses use to…

Q: Which of the following is a major challenge facing the accounting profession? O A. Accounting for…

A: Major challenges facing the accounting profession are :- Non financial measurements Forward looking…

Q: What elements should accountants examine while developing a company's PPE accounting policy

A: The assets on a company's balance sheet are the things that will bring it money in the future. The…

Q: Accounting role of a business organization explained. Whence comes the function, and why is it…

A: Accounting functions involve tracking, storing, documenting, analyzing, summarizing, and reporting a…

Q: Recommend how projected financial statements and other measures of business performance could be…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: Which is one of the most important roles of the accounting function within an organization?

A: Accounting Function: Accounting function are the functions related to maintenance of records of the…

Q: What effect do a company's business operations and areas of business have on the architecture of its…

A: The following will illustrate how a company's business procedures and areas of business impact the…

Q: of using financial manage

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