important output of the accounting cycle is the financial statements.

Q: Explain the difference between management accounting and financial accounting.

A: ANSWER : Basis of difference Management accounting Financial accounting 1. Meaning…

Q: Describe the basic assumptions of accounting.

A: Accounting is a systematic process of identifying, recording, measuring, classifying, verifying,…

Q: Can you name some common errors in accounting?

A: Some of the common errors in Accounting are as under: Error of omissions: Here some transactions…

Q: A key difference between management accounting and financial accounting reports is that management…

A: Accounting is related to recording business transactions. The account has a different aspects like…

Q: The basic Objective of the management accounting is to supply the accounting information to…

A: Management accounting is a form or branch of accounting which helps in decision making by managers…

Q: accounting cycle is the preparation of the financial

A: Financial statements: Financial statements are a collection of statements that convey to interested…

Q: Explain the accounting processing cycle.

A:

Q: What are the outputs of the accounting cycle, why are they important and how are they interrelated?

A: Outputs of the accounting cycle-First of all, we need to understand what is an accounting cycle.  An…

Q: How do Accounting standards Increase Financial Statement Reliability?

A: Accounting standards are established regulations for financial reporting from which widely accepted…

Q: Please help with this Accounting type Question: Which of the following is not a tool of management…

A: This accounting feild deals to analyse, communicate the accounting information to the managers, so…

Q: How can financial statement users assess the quality of accounting Information?

A: A financial statement is a report that presents the financial performance and position of a company…

Q: What of the following is not a step in the general ledger and financial reporting cycle? a. Prepare…

A: The accounting cycle is a set of procedures or processes used by firms to record, categorize, and…

Q: Give an example of an error that occurs on one of the financial statements and the error flows…

A: Financial statements are prepared at the end of the period by every company to determine the profits…

Q: Transactions that affect inventories on hand have an effect on both the balance sheet and the income…

A: Inventory on hand is Closing Inventory is a Current Assets and it is shown in Income Statement and…

Q: TRUE-FALSE STATEMENTS 1. Reports prepared in financial accounting are general-purpose reports,…

A: Financial statements are statements which states the business activities performed by the company .…

Q: Which of the following is a fundamental characteristic of accounting information? Select one: O A.…

A: Fundamental characteristics of accounting information include relevance, which ensures it is useful…

Q: What are the measure of outputs in accounting?

A: The objective of this question is to understand the various measures of outputs in the field of…

Q: What is "The units-of-output method" and "The staright-line method" in accounting? What are their…

A: Companies use tangible long term resources to perform daily operations and create revenue for its…

Q: How do the subject matter of reports and the verification of reports differ between financial…

A: Both financial and managerial reporting have different scope and objectives .Detail explanation…

Q: What are the common errors in accounting?

A:

Q: The procedures used in computerized accounting differ slightly from those outlined in the steps of…

A: Manual Accounting cycle refers to the following the accounting cycle steps manually. And…

Q: In accounting, an economic event is referred to as...........

A: Correct answer with proper explanation are as follows

Q: Financial accounting data prepared in accordance with GAAP. But management accounting don’t follow…

A: The answer for the theory question on Financial Accounting vs Management Accounting is presented…

Q: accounting consept

A: Introduction Accounting Concept: Accounting concept refers to the fundamental assumptions,…

Q: Describe briefly the following characteristics of useful accounting information.  Comparability…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: hat are the benefits of Accounting System Analysis?

A: Accounting system analysis is very important for business and organization to grow and survive.

Q: defination of accounting?

A: The business has various transactions while operating, the stakeholders of the business need to know…

Q: Explain differential effects on accounting standards.

A: Accounting standards deals with the issues of: Recognition of events and transaction in financial…

Q: In a tabular form, what are the major differences between managerial and financial accounting?

A: The objective of this question is to understand the key differences between managerial and financial…

Computerized Accounting System

The Computerized Accounting System is generally a system of maintaining accounts using computers. In this method of accounting system, the accounting transactions are processed through the use of hardware and software to generate the reports such as journals, ledgers, trial balance, trading account, P/L accounts, balance and other reports.