Question 1 (20 marks)

A) What are the main difference between financial accounting and

management accounting? (6 marks)

B)Identify each of the following questions as being more likely by an internal user or external user and specify who would be the users. (6 marks) 1.How does the companys profitability compare to other companies?

2.Do we need to borrow in the near future?

3.Will the company be able to pay its short-term debts?

C) Beekman Enterprises had the following selected transactions:

1. Invested $10,000 cash in business.

2. Billed customers $2,100 for services performed.

3. Paid $350 cash for advertising.

4. Borrowed $5,000 from the bank by signing a note.

For each transaction, indicate the following.

1. The basic type of account debited and credited (asset, liability, equity).

2. The specific account debited and credited (cash, rent expense etc.).

3. The normal balance of the specific account.

(8 marks)

Help IN URGENT