BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Income and cost for the managers
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Financial conditions of the institutions
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Company’s tax liability for a particular year
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All the above
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Detailed explanation-1: -Accounting furnishes data on. A) Income and cost for the managers.
Detailed explanation-2: -Accounting is the process of assessing, recording, and communicating financial transactions. Organizations and individuals do accounting to develop a detailed understanding of their financial situation.
Detailed explanation-3: -Accounting provides vital information regarding cost and earnings, profit and loss, liabilities and assets for decision making, planning and controlling processes within a business.
Detailed explanation-4: -What is Accounting Treatment: An asset that is completely depreciated and continues to be used in the business concern will be reported on the balance sheet (B/S) at its cost along with its accrued depreciation. There will be no depreciation expense maintained after the asset is completely depreciated.