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

A good purchased for $480 sells for $700, A good purchased for $480 sells f...

A good purchased for $480 sells for $700. If the store's operating expenses are 30% of cost, what is the percentage markup on cost? A. 1.5% B. 10.57% C. 15.83% D. 4

Explain about trial balance, Q. Explain about Trial balance? Trial bala...

Q. Explain about Trial balance? Trial balance -- at the close of an accounting period, transactions posted in the ledger areadded up. A trial or test balance sheet is prepared

Forecast cash requirements, We are here left along with statement (d) that ...

We are here left along with statement (d) that defines an accountant as a professional and emphasize his pre-occupation within management of information for internal utilization as

Difference between budget & budgeting, Write the difference between budget ...

Write the difference between budget & budgeting? Ans) An estimation of the revenue & expenses over a specified future period of time. A budget can be made for a person, family,

Banking sector, effects of technology in banking sector

effects of technology in banking sector

Describe about adjunct account, Q. Describe about adjunct account? The ...

Q. Describe about adjunct account? The Transportation-In account files the inward freight costs of acquiring merchandise. Transportation-In is an adjunct account in that it is

Explain about long-term assets, Q. Explain about Long-term assets? Long...

Q. Explain about Long-term assets? Long-term assets are assets that a business has on hand or else uses for a relatively long time. Examples include plant, property and equipme

The beginning capital of the business totals $4, The beginning capital of t...

The beginning capital of the business totals $4,000. If the net income for the period totals $14,000 and the withdrawals by the owner total $3,000, what will be the new capital b

Prepaid expenses and deferred charges, Q. Prepaid expenses and deferred cha...

Q. Prepaid expenses and deferred charges? Prepaid expenses, deferred charges -- assets already paid for, which are being used up or willexpire. Insurance paid for in advance is

Probability, he chairperson of the accounting department has three summer ...

he chairperson of the accounting department has three summer courses available: Accounting 201, Accounting 202, and Accounting 305. Twelve faculty members are available for assign

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