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Financial accounting and managerial accounting are two different but equally important branches of accounting. Overall accounting includes calculation of financial figures such as tax, profit, expenses, income and many others.…
Limitations from which financial accounting suffers may be summarized as follow: 1. Historical And Monetary Nature. Emphasis of financial accounting is on recording transactions revenues only after they have occurred, then…
Original financial accounting model based on double entry system of book keeping, developed by an Italian merchant named Lucas Pacioli, is basically to fulfil managerial requirements of a trading business.…
Financial accounts provide information to inside users i.e, management of accounting entity and to outside users like shareholders, investors, bankers, government departments, trade unions and general public. The information provided…
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