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

Consistency in accounting principle, Q. Consistency in accounting principle...

Q. Consistency in accounting principle? Consistency necessitates that a company use the same accounting principles and reporting practices through time. Consistency makes possi

The qualitative characteristics of relevance and reliability, Maryanne was ...

Maryanne was looking to purchase a local business that sold coal jewelry to tourists along the interstate. The present business owner instructed his accountant, Jane Sane, CPA, to

What is merchandise inventory, Q. What is Merchandise inventory? Mercha...

Q. What is Merchandise inventory? Merchandise inventory is the cost of goods on hand in addition to available for sale at any given time. To determine the cost of goods sold in

Exploration cost, is exploration cost for mining companies regarded as asse...

is exploration cost for mining companies regarded as assets or expense?

Explain about going-concern concept, Q. Explain about Going-concern concept...

Q. Explain about Going-concern concept? Except strong evidence exists to the contrary accountants assume that the business entity will continue operations into the indefinite

Suppose you want to have $5, Suppose you want to have $5,000 saved at the e...

Suppose you want to have $5,000 saved at the end of five years. The bank will pay 2% interest on your money. How much would you have to deposit today to have the $5,000 you want

What are fixed asset, Fixed asset are assets which provides the business fu...

Fixed asset are assets which provides the business future benefit Fixed assets are those which are tangible in nature and is not meant for sale in the near future and from whi

On july 1, On July 1, 2010, Harris Co. issued 6,000 bonds at $1,000 each. T...

On July 1, 2010, Harris Co. issued 6,000 bonds at $1,000 each. The bonds paid interest semiannually at 5%. The bonds had a term of 20 years. At the time of issuance, the market r

Explain the term- salaries expense and payment, Explain the term- Salaries ...

Explain the term- Salaries Expense and payment The Accounting Entry for Employee Earnings and Deductions Employer is the "agent" who is responsible for withholding the a

Analyzing how well the company is performing, Q. Analyzing how well the com...

Q. Analyzing how well the company is performing? The classified income statement illustrates important relationships that help in analyzing how well the company is performing.

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