Assignment M&F Accounting Managerial and Financial Accounting Assignment You must answer all questions: 1. Explain any four stakeholders groups and make brief notes what financial information each would need and why? 2. Identify any two stakeholders' groups whose interests might conflict and explain in what ways they would conflict. 3. Explain the difference between Financial Accounting and Management Accounting. 4. Explain Income Statement, Balance Sheet and Cash flow statement. 5. What four characteristics any accounting asset possess, please explain these? 6. Explain the Assets and Claims of any business? 7. What differences we have in current and non-current assets current and non-current liabilities 8. Explain the difference between in impairment and depreciation? 9. Discuss and explain revenue and how we have to recognise into our accounting books? 10. Discuss and explain an expense and how we have to record as an expense? 11. Explain the accrued expense with an accounting entry? 12. Explain the prepaid expense with an accounting entry? 13. Explain the differences of equity account of a sole-trader and Ltd company business? 14. Identify the advantages and disadvantages of trading as a limited company as opposed to trading as a sole trader 15. "The statement of financial position is pretty useless for decision making. It only shows the position at a single point in time and a past point in time, at that.' Comment on this statement. 16. "When a debt (trade receivable) is treated as being bad, in accounting we treat the sale as having not existed in the first place. Thus, we reduce the sales revenue figure by the value of the revenue concerned and reduce the trade receivables by a similar amount. This provides a logical and informative view of events. Comment on this statement. 17. 'I'm going to start up a new business buying and selling old cars. It's a bit of a risky trade, so I'm going to form a limited company to own the business. I'll finance the business Assignment M&F Accounting Managerial and Financial Accounting Assignment You must answer all questions: 1. Explain any four stakeholders groups and make brief notes what financial information each would need and why? 2. Identify any two stakeholders' groups whose interests might conflict and explain in what ways they would conflict. 3. Explain the difference between Financial Accounting and Management Accounting. 4. Explain Income Statement, Balance Sheet and Cash flow statement. 5. What four characteristics any accounting asset possess, please explain these? 6. Explain the Assets and Claims of any business? 7. What differences we have in current and non-current assets current and non-current liabilities 8. Explain the difference between in impairment and depreciation? 9. Discuss and explain revenue and how we have to recognise into our accounting books? 10. Discuss and explain an expense and how we have to record as an expense? 11. Explain the accrued expense with an accounting entry? 12. Explain the prepaid expense with an accounting entry? 13. Explain the differences of equity account of a sole-trader and Ltd company business? 14. Identify the advantages and disadvantages of trading as a limited company as opposed to trading as a sole trader 15. "The statement of financial position is pretty useless for decision making. It only shows the position at a single point in time and a past point in time, at that.' Comment on this statement. 16. "When a debt (trade receivable) is treated as being bad, in accounting we treat the sale as having not existed in the first place. Thus, we reduce the sales revenue figure by the value of the revenue concerned and reduce the trade receivables by a similar amount. This provides a logical and informative view of events. Comment on this statement. 17. 'I'm going to start up a new business buying and selling old cars. It's a bit of a risky trade, so I'm going to form a limited company to own the business. I'll finance the business