BUSINESS ADMINISTRATION
ACCOUNTING FOR MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Classifying, Measuring, Communicating, Controlling, Recording
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Identifying, Classifying, Measuring, Controlling, Recording
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Identifying, Measuring, Classifying, Communicating, Recording
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Identifying, Controlling, Measuring, Communicating, Recording
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Detailed explanation-1: -Financial Accounting is that branch of accounting which involves identifying, measuring, recording, classifying, summarising the business transactions, i.e. it involves the steps from Identifying, Recording of transactions to Summarisation, and communicating the financial data.
Detailed explanation-2: -Nature of Accounting Accounting can be defined as the act of classifying and summarising money-related matters in a detailed manner that can be easily interpreted. This definition highlights both the nature and scope of financial accounting.
Detailed explanation-3: -The 3 types of accounting include cost, managerial, and financial accounting.
Detailed explanation-4: -Identification: It means to determine what transactions to record. Measurement: It means quantification (including estimates) of business transactions into financial terms by using monetary unit.