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Sati [7]
3 years ago
10

CA1.4 (LO 1) (Financial Accounting) Omar Morena has recently completed his first year of studying accounting. His instructor for

next semester has indicated that the primary focus will be the area of financial accounting. Instructions a. Differentiate between financial accounting and managerial accounting. b. One part of financial accounting involves the preparation of financial statements. What are the financial statements most frequently provided? c. What is the difference between financial statements and financial reporting?
Business
1 answer:
natima [27]3 years ago
4 0

Answer:

The complete answers are below.

Explanation:

a) The main difference between Financial Accounting and Managerail Accounting is its purposes and the stakeholders who make use of the information that each one provides.  

While financial accounting refers to the aggregation of accounting information in the financial statements, management accounting refers to the internal processes used to account for business transactions.

For instance: Financial accounting reports on the results of an entire business, Managerial accounting reports at a more detailed level. Financial accounting must comply with various accounting standards, whereas managerial accounting does not have to comply with any standards when information is compiled for internal consumption.

b) The financial statements most frequently provide are: Balance Sheet or Financial Position, Income Statement, Statement of cash flows and Statement of Changes in Equity.

c) In general, financial reports and financial statements differ in the formal status of financial statements in business and accounting, and these respond to standards such as GAAP and IFRS. While the financial reports have a format or presentation rules given by management, the financial statements, in the other hand, are prepared on regular basis as specific entities are required to do so according to applicable laws. It can be said that financial accounting provides financial statements and managerial accounting is responsible for financial reports.

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Identify whether the actions or scenarios would likely increase or decrease the natural rate of unemployment. You are currently
Oksanka [162]

Answer:

increases natural rate of unemployment

extra financial benefits for the unemployed

a large number of young people entering the labor force

an increase in union membership

Decreases natural rate of unemployment

reducing workers' collective bargaining rights

Explanation:

natural rate of unemployment is unemployment that exists when there is only structural and frictional unemployment in an economy

structural unemployment is an unemployment that occurs as a result of changes in the economy. These changes can be as a result of changes in technology, polices or competition . Structural unemployment tends to be permanent.  

Frictional unemployment . the period of time a person is unemployed from the period he leaves his current job and the time he gets another job. Eg. when a real estate agent who leaves a job in Texas and searches for a similar, higher-paying job in California.

If the unemployed are given extra benefits, there would be less incentive to find a job, thus unemployment would increase

An increase in union membership increases bargaining power of employees. this can lead to increase in wages. increase in wages reduces demand for labour and this increases unemployment. reducing collective bargaining right has the opposite effect on unemployment

a large number of people entering the labour force increases frictional unemployment

4 0
3 years ago
"When a T-shirt manufacturer states, ""We sell it only in black because that way we can buy plenty of black fabric and run our p
aleksandr82 [10.1K]

Answer:

Production Oriented or Mass Production Era.

Explanation:

This marketing era took place around the mid 1800s and lasted until the early 1920s. It was basically a result of the industrial revolution where mass production started and manufacturing costs started to decrease. Most businesses would produce only one or very few types of products, and most business people thought that if they were to manufacture something, someone would buy it. Since this type of mass production was something totally new, people had lots of products available and relatively cheap for the first time, and indeed most of the production was sold that way.  

3 0
3 years ago
General Mills and Nestlé work together to distribute General Mills products in about 140 international markets from Mexico to Ch
Flura [38]

Answer: a strategic channel alliance

                                   

Explanation: In simple words, strategic alliance refers to a business arrangement in which two organisations combine their resources for their mutual benefits.

Under such an arrangement two organisation agrees to combine their activities and efforts for a particular objective but still remain independent as two separate entities.

Such alliances are generally evident in situation where companies wants to exploit foreign markets. Hence from the above we can conclude that the arrangement between general mills and nestle is a strategic alliance.

5 0
3 years ago
Which feature of a customer relationship management (CRM) application assists with tasks such as controlling inventory and proce
nlexa [21]

Answer:

knowledge management

Explanation:

A customer relationship management individual user knowledge management component aids with activities like inventory control as well as production process.

Knowledge assets of an institution's knowledge and information being created, shared, used, and managed. It is a multimodal approach to achieving organisational goals via the most effective use of knowledge.

6 0
2 years ago
Stevenson Company purchased equipment for $250,000 on January 1, 2010. The estimated salvage value is $50,000, and the estimated
evablogger [386]

Answer:

The answer is loss of $10,000 on the sale of the equipment

Explanation:

The formula for straight-line depreciation is:

(Cost of asset - salvage value) ÷ number of useful life.

Cost of asset is $250,000

Salvage value is $50,000

Useful life is 5 years

So depreciation for the year is:

($250,000 - $50,000) ÷ 5 years

$200,000 ÷ 5 years

=$40,000

January 1 2010 through June 30 2013 is 3 years and 6months

Accumulated depreciation will be:

3.5 years( 3 years + 6months/12 months) x $40,000

$140,000

Carrying value or net book value at this date is $250,000 - $140,000

=$110,000.

The equipment was sold for $100,000.

Selling price - carrying value

=$100,000 - $110,000

= - $10,000

We have a loss of $10,000 on the sale of equipment

8 0
3 years ago
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