Assignment 3, Accounting Basics

Assignment Help:
Financial accounting reports are mandatory to be prepared by the firms, and are scrutinized by auditors, creditors or Government or Tax authorities. But management accounting records are voluntarily kept by the management for their internal control, profit maximization, cost control, improving productivity. Both deal with records of financial transactions. Both represent the financial strength and weaknesses of businesses. While management accounts reveal direct costs, indirect costs, contribution, break even etc, financial reporting concentrates on cash book, subsidiary books as sales, purchases, profit and loss, Balance sheet etc Budgeting is done with the help of management accounting .

Related Discussions:- Assignment 3

Illustrate about corporation, Q. Illustrate about corporation? A corpor...

Q. Illustrate about corporation? A corporation is an incorporated business under the laws of a state and owned by a few stockholders or thousands of stockholders. Approximately

Adjustments, what will be the journal entry for this: A debit memo from the...

what will be the journal entry for this: A debit memo from the bank was received for bank charges P200.00

Matching principle, Which accounting policies demonstrate the matching prin...

Which accounting policies demonstrate the matching principle?  1 charging depreciation on non-current assets 2 revaluing non-current assets on a irregular basis 3 using the re

At the end of the current year, At the end of the current year, $19,900 of ...

At the end of the current year, $19,900 of fees have been earned but not billed to clients. a. What is the adjustment to record the accrued fees? Indicate each account affect

Obtain relevant authoritative literature on accounting, Obtain the relevant...

Obtain the relevant authoritative literature on accounting for accounts receivable using the FASB's Codification Research System at the FASB website. What is the specific citation

Prepare a multi-level income statement and single step, how do i prepare a ...

how do i prepare a multilevel and single step income statement

Create balance sheet and income statement, 1. Listed below are account bala...

1. Listed below are account balances taken from the adjusted trial balance of XYZ Inc. as of December 31, 2012.   Credit Account

Explain about percentage of completion method, Q. Explain about Percentage ...

Q. Explain about Percentage of completion method? The percentage-of-completion method makes out revenue based on the estimated stage of completion of a long-term project. To ca

Accounting systems from manual to computerized, Q. Accounting systems from ...

Q. Accounting systems from manual to computerized? The manual accounting system with merely one general journal and one general ledger has been in use for hundreds of years and

Write Your Message!

Captcha
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