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Q.1 As a potential investor, what is the problem with different countries having different accounting standards? As the president of a multinational company, what is the problem with different countries having different accounting standards?
Q.2 Describe the respective roles of the Securities and Exchange Commission (SEC) and the Internal Revenue Service (IRS) in the setting of accounting standards?
Q.3 Why is it important for financial statements and other external reports to be based on generally accepted accounting principles?
Q.4 Explain the ways in which the needs of internal and external users of accounting information are the same and different.
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Difference between managerial accounting and financial accounting are mentioned below Audience – Internal Vs External Format of Reporting – Free format Vs prescribed
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What are Direct expanses These are expanses which can be directly, conveniently and wholly allocated to a specific cost centres or cost units examples of such expanses are hir
Operating Cycle Method In this way, total operating expenses for a period are divided via the number of operating cycles in the relevant period to compute the cash need for wor
relevance to business owners, employees and public?
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