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define the term limited company- business ownership limited companies can range in size from quite small to very large number of individuals who
state the term - partnershipa partnership exists where at least two individuals carry on a business together with intention of making a profit
explain in detail about the sole proprietorshipsole proprietorship as the name suggests is where an individual is the sole owner of a business this
what kinds of business ownership existparticular form of business ownership has significant implications for accounting purposes and so its useful to
benefites of management accounting informationto obtain this benefit businesses have become more customer driven which is concerned with satisfying
explain about the management accounting management accounting has also changed by becoming more outward looking in its focus in past information
how accounting helps in internationalisation of businessesinternationalisation of businesses has created a need for accounting rules to have an
how to determine the financial reports of businessesin response to criticisms that financial reports of some businesses arent clear enough to users
enumerate the fundamentals of financial accounting informationframe works and principles which have been developed try to address fundamental
state the users of accounting informationenvironment has brought new challenges for managers and other users of accounting information their
illustrate the changing face of accountingover past 25 years environment within which businesses operate has become increasingly turbulent and
determine the accounting aspects of business accounting scandals can have a profound effect on all those connected with business enron scandal for
illustrate the cases of financial accountingenron an energy-trading business which is based in texas and was accused of entering into complicated
has accounting become too interestingin recent years accounting has become front-page news and has been a key talking point among those connected
what is differences in access to financial informationdistinction between the two areas of accounting reflects to some extent differences in access
distinctions between management and financial accounting we can observe that management accounting is less constrained than financial accounting it
determine the range and quality of informationfinancial accounting reports concentrate on information which can be quantified in monetary terms
what is time orientationfinancial accounting reports reflect position and performance of business for the past period essentially they are backward
explain the term reporting interval - management accountingfor most businesses financial accounting reports are produced on an annual basis though
state the term - regulationsfinancial accounting reports for numerous businesses are subject to accounting regulations which try to make sure they
level of detailfinancial accounting reports provide users with a comprehensive overview of performance and position of business for a period
state the nature of the reports produced - financial accountingfinancial accounting reports tend to be general-purpose which is they contain
management accounting and financial accountingaccounting is generally seen as having two different strands which are management accounting that seeks
determine the features of accounting information system accounting information system must have certain features which are common to all valid
state the accounting as an information systemwe know that accounting can be seen as provision of a service to clients another way of viewing