12. A branch of accounting that generates
reports and information for the use of internal
management for decision making purpose is
known as
13. A branch of accounting that generates
reports and information for the use of internal
as well as various external parties is known
as.
14. Investors, lenders, and suppliers are
examples of
users of accounting
information provided by a business entity,
15. Assets = Liabilities +
16.
is the foundation of
double entry system.
17. The accounting equation remains in----------
after each valid business transaction.
18. Under
of accounting, the two
aspects of each transaction are recorded.
Answers
Answer:
Management accounting
12)Management accounting system uses historical as well as estimated data to generate useful reports and information to be used by internal management for decision making purpose.
13)The famous branches or types of accounting include: financial accounting, managerial accounting, cost accounting, auditing, taxation, AIS, fiduciary, and forensic accounting.
14)Users of accounting information are internal and external. External users are creditors, investors, government, trading partners, regulatory agencies, international standardization agencies, journalists and internal users are owners, directors, managers, employees of the company.
15)Property and equipment can also be included as assets. Although physical assets commonly come to mind when one thinks of assets, not all assets are tangible. Trademarks and patents are examples of intangible assets. Examples of liabilities include accounts payable and owners equity.
16)Debits and credits are essential to the double entry system. In accounting, a debit refers to an entry on the left side of an account ledger, and credit refers to an entry on the right side of an account ledger. To be in balance, the total of debits and credits for a transaction must be equal.
17)The accounting equation, as it relates to a business, must always remain in balance because the value of the assets that the business controls, is always equal to the value of the money the business owes to the business' funders. ... See the assets are first sold and the liabilities are paid out from the money collected.
18)The double-entry system of accounting or bookkeeping means that for every business transaction, amounts must be recorded in a minimum of two accounts. The double-entry system also requires that for all transactions, the amounts entered as debits must be equal to the amounts entered as credits.
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Answer:
12) management accounting
13) Financial accounts
14) Creditors
15) Capital
17) assets= capital+ liability
18) debit and credit