Financial data from transaction documents are first recorded in a(n) . The data are then transferred into categories in a(n) , so managers can find all the information about a single account in one place.

What is the term given to a specialized accounting book or computer program in which information is transferred into specific categories, so managers can find all the information about a single account in one place?Multiple choice question.balance sheetledgerjournaltransaction log

Of the major steps in the accounting process, which is most concerned with theclassification and summarisation of financial data?(a) Identification(b) Measurement(c) Recording(d) Communication(e) Translation

Where is accounting data first entered?Multiple choice question.in a journalon an accounting recordon a balance sheetin a ledger

Explain the various users of accounting information and the kind of information they usually need

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