Distinguish between financial accounting and book-keeping

Assignment Help Financial Accounting
Reference no: EM13513170

The area of Accounting concerned with the preparation and presentation of financial statements is referred to as financial accounting which has its origin in book-keeping.

(a) Briefly distinguish between financial accounting and book-keeping.

(b) Who prepares financial statements and who is responsible for the accounting information contained in the financial statements of an economic entity?

(c) List TWO objectives of financial accounting in order to meet the needs of the various users.

(d) Outline FIVE uses of financial information.

(e) Enumerate THREE problems associated with providing financial information.

Reference no: EM13513170

Questions Cloud

Evaluate the ph of a solution that is sodium formate : Calculate the pH of a solution that is 0.295 M in sodium formate (NaHCO2) and 0.205 M in formic acid (HCO2H). the Ka of formic acid is 1.77x10^-4.
Compute phil mickelson company accounts receivable turnover : Compute Phil Mickelson Company's (a) accounts receivable turnover and (b) average collection period in days.
What horizontal force should a fireman exert : A fire hose 4.19 cm in diameter is capable of spraying water at a velocity of 16.3 m/s. what horizontal force should a fireman exert on the hose to keep it stationary
Eating christmas in the kalahari : As discussed in "Eating Christmas in the Kalahari," why did Lee decide to give the !Kung Bushmen "the largest, meatiest ox that money could buy?" Did his evaluation of his own motivations change? How so?
Distinguish between financial accounting and book-keeping : Briefly distinguish between financial accounting and book-keeping and who prepares financial statements and who is responsible for the accounting information contained in the financial statements of an economic entity?
Explain hno3 is needed to titrate to the equivalence point : What volume of 5.00x10^-3 M HNO3 is needed to titrate 80.00 mL of 5.00x10^-3 Ca(OH)2 to the equivalence point
Find the change in the kinetic energy of sam-alice system : Sam (68.3 kg) and Alice (41.5 kg) stand on an ice rink, providing them with a nearly frictionless surface to slide on. Sam gives Alice a push, Calculate the change in the kinetic energy of the Sam-Alice system
What are the basic communication skills : 1. What are the basic communication skills that are useful to facilitate this situation?
In what social context did human nature evolve : In what social context did human nature evolve, according to Marvin Harris, the author of “Life without Chiefs”? Are we naturally egalitarian, as the author maintains? What might account for such behaviors in band and ‘tribal’ societies if they are n..

Reviews

Write a Review

 

Financial Accounting Questions & Answers

  Compute the annual lease payments

The fair value of each trailer is $50,000. The cost of each trailer to BLG Corp. is $45,000. Each trailer has an expect..

  Transactional analysis problem scenario use following

transactional analysis problem scenario use following scenario and transactions to complete the activities below. on

  Determine income tax expense reported by ohio

Ohio Corp. reported a deferred tax liability of $6,000,000 for year ended 31st December, 2012, when the tax rate was 40%. The deferred tax liability was related to a brief difference of $15,000,000 caused by an installment sale in 2012.

  Disclosure of the balance sheet after the dividend issue

disclosure of the balance sheet after the dividend issue and stock split.on january 1 2007 frederiksen inc.stockhlders

  Amount of discountor premiumt

Using the straight- line method. the amount of discountor premiumt o be amortized every intrest period would be''

  Prepare the t-accounts for raw materials inventory

Prepare the journal entries to record the transactions and prepare the T-accounts for raw materials inventory, work in process inventory.

  Out of eden inc is forecasting to invest in new

out of eden inc. is forecasting to invest in new manufacturing equipment to prepare a new garden tool. the new garden

  Selling and administrative expenses adjusted to a cash basis

Selling and administrative expenses adjusted to a cash basis under the direct method on the statement of cash flows would be

  Write journal entry to show the effect of sale

Write the journal entry to show the effect of the sale of the season tickets and Write the journal entry to show the effect of presenting an event.

  Prepare a reconciliation of the profit

Prepare a cash flow statement using the direct method for operating cash flows and prepare a reconciliation of the profit and cash provided by the operations

  Classify the deductible losses as deductions for or from agi

What is the amount of Betsy's deductible losses. Classify the deductible losses as deductions for or from AGI.

  Calculation of average collection period over the next

calculation of average collection period over the next year.bpc anticipates reaching a sales level of 6 million in one

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd