1. What is the difference between financial accounting and managerial accounting?

2. What is the purpose of a balance sheet in business accounting?

3. How does the income statement differ from the cash flow statement?

4. How do businesses use cost accounting to monitor and control expenses?

5. What is the role of depreciation in accounting and how is it calculated?

6. What are the main types of financial ratios that businesses use to evaluate their performance?

7. What is the significance of the current ratio in financial analysis?

8. How do businesses use budgeting and forecasting to plan for the future?

9. What is the relationship between accounts payable and accounts receivable in accounting?

10. What is the importance of accurate record keeping and how can businesses improve their accounting practices?

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The detailed answer for the above question is provided below 1 Financial accounting and managerial accounting differ in terms of their intended audience purpose and timeframe Financial accounting focu... View the full answer