Explain the role of financial management and the different individuals involved in relation to this statement: Earning profit is considered as only one of the objectives of business. (maximum of 300 words)
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- An identifiable part of the company for which financial information is available is called __________. ANSWER a business segment the contribution margin the gross profit the profitability analysis I DON'T KNOW YETDiscuss the importance of management accounting, and how it differs from what financial accounting provides. (250 words approx)1. What are some of the limitations of cost accounting? 2. State whether the following questions is True (T) or False (F): a) Management accounting provides economic and financial information for external users such as shareholders, creditors and banks. b) Financial accounting provides information for managers and other internal users. c) Financial accounting reports past results. d) Management accounting is future oriented. e) Management accounting is required to follow generally accepted accounting principles. f) Financial accounting examines monetary and non-monetary events. g) Cost accounting is used as a means of fixing a selling price. h) Cost accounting looks at the company as a whole and not at the various units, jobs or processes. i) Financial accounting is concerned with how and why profits arise. j) Cost accounting depends entirely on historical information.
- What is the accounting equation and discuss how it impacts on the operations of a business? 2. Why is liquidity critical for a business and how might this affect decision making? 3. Why is investment appraisal important to a business? Use examples to support your reasons. 4. What is meant by relevant costs and critically explain their role in decision making. 5. Discuss the benefits of the information contained in the Income Statement/Profit and Loss Account.Based on your understanding, compare and contrast the three major forms of business organization which are financing, investing, and operating department. Also, relate the scope of the role of a financial manager within these business organization.Based on your understanding,compare and contrast the three major forms of business organization (in financing, investing, and operating department) and relate the scope of the role of a financial manager within these business organization.
- What is the purpose of financial accounting in business, and how does it differ from managerial accounting? What are the different types of financial statements that businesses prepare, and what information do they convey to different stakeholders?.What is the difference between financial accounting and managerial accounting? How do they each contribute to a business's success?Which two of the following statements about the company's goals and the purpose of financial management are false? Choose two (2) of the answer options below, which correctly answer the question asked. 1. Strategies are translated into business plans, which more clearly describe how different goals and sub-goals are to be achieved. 2. The stakeholder model is based on an approach where the company is open to its surroundings. 3. The goal formulation of the satisfaction model is based on taking into account the specific company's opportunities for a positive result. 4. The profit maximization model is based on decision-makers being rational and having full access to information. 5. The business manager model is based on the fact that ownership and operation of a business are not separate. 6. The stakeholder model's goal formulation is based on being able to meet the requirements and expectations of all different stakeholders at the same time.
- 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.Following are aspects of accounting information. Classify each as pertaining more to financial accounting or to managerial accounting. 1. Primary users are external 5. Controlled by GAAP 2. Includes more nonmonetary information 6. Used in managers’ planning decisions 3. Focuses more on the future 7. Focuses on the whole organization 4. Uses many estimates and projections 8. Not constrained by GAAPWrite an essay covering the following points; 1)Characteristics of management accounting 2)The role of management accountant in the company 3)How can management accounting benefit to the company?