1) Why is financial accounting regulated whereas management accounting is not?

2) Briefly describe the following accounting elements and give one example of each:

• Equity
• Income
• Expense

3) Choose any two qualitative characteristics of financial reports and explain what they mean.

4) Briefly explain what the statement of cashflows and income statement tell us about a business.

Answer rating: 100% (QA)

1 Financial accounting square measure regulated as a result of its involved with informing to stakeholders like investors disposition establishments b... View the full answer