The primary functions of financial accounting are to measure business activities of a company and to communicate those measurements to internal parties for decision-making purposes.1 pointTrueFalse

What is the primary goal of management accounting?To provide information that conforms to the accounting regulationsTo provide information that improves the quality of managers' decisionsTo provide information to shareholdersTo provide information that can be quantified in monetary terms

What are two major purposes of accounting?Multiple select question.to provide economic predictions by which to guide the firmto help managers make well-informed decisionsto determine the strength of the firm's stakeholdersto report financial information to interested stakeholders

The accounting process involves all of the following exceptSelect answer from the options belowidentifying economic transactions that are relevant to the business.analyzing and interpreting financial reports.communicating financial information to users by preparing financial reports.recording non-quantifiable economic events.

Which of the following is the primary focus of management accounting?Auditing financial recordsPreparation of financial statementsEnsuring compliance with tax lawsProviding information for decision-making

Difference between Management and Financial accounting Management Accounting Financial AccountingInformation usually/mainly produced for Internal use e.g. managers and employees External use e.g. stake holder, payable, lender, banks, government etc.Purpose of Information To aid planning, controlling and decision making. To record the financial performance in the period and the position at the end of that period.Legal Requirement None Limited companies must provide financial accountsFormats Management decide on the information they require and most useful way of presenting it. Formats and contents of financial accounts intended to give true and fair view, should follow accounting standards and company law.Nature of information Financial and Non- financial Mostly financial Time period Historical and forward working Mainly a historical researchExplain this in detail by making table and please use easy wording because i am not good in English and also give each example