Provide insight into company financial performance

Assignment Help Financial Accounting

Reference no: EM133674894

Questions

1. What is the purpose of financial accounting, and how does it differ from managerial accounting?

2. What are the different financial statements, and how do they provide insight into a company's financial performance?

3. What is the difference between accounts payable and accounts receivable, and how do they factor into a company's cash flow?

4. What is the role of the accounting equation (Assets = Liabilities + Equity) in understanding a company's financial position?

5. What is the difference between accrual and cash basis accounting, and how do they impact financial reporting? 6. How is inventory accounted for on a company's financial statements, and what methods are used for valuing inventory?

7. How are fixed assets accounted for on a company's financial statements, and what methods are used to calculate depreciation?

8. What is the difference between direct and indirect costs, and how should they be allocated in cost accounting?

9. How are ratios used to analyze a company's financial health, and what are some common ratios that are used?

10. How are taxes accounted for on a company's financial statements, and how do they impact earnings?

11. What is the difference between operating and non-operating income, and how do they impact a company's financial performance?

12. What is the role of auditors in the accounting process, and how do they ensure the accuracy and reliability of financial statements?

13. What are the basic principles of Generally Accepted Accounting Principles (GAAP), and why are they important for financial reporting?

Reference no: EM133674894

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