christian yimgnia CA1-1 - statement, the statement of cash...

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Homework- CA1-1 a) Financial accounting is the process that culminates in the preparation of financial reports on the enterprise for use by both internal and external parties where as managerial accounting is the process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, control and evaluate a company’s operations. b) The financial statements mostly provided are the balance sheet, the income
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Unformatted text preview: statement, the statement of cash flows, and the statement of owners equity. c) Financial statements are formal and are required by the Generally accepted accounting principles (GAAP) where as financial reporting are financial information that are not necessarily required and other than financial statements. For example they can be reports filed with government agencies or even social or environmental impact statements....
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