Tag Archives: #ManagementControl

Q20.16 What are the objectives of preparing financial statements ?

Preparing financial statements Website Link: Preparing financial statements: The objectives of preparing financial statements are as follows: 1.Providing Information: Financial statements aim to provide relevant and reliable information about the financial performance, position, and cash flows of an entity. They offer insights into the organization’s financial activities, enabling stakeholders to make informed decisions. 2.Assessing Performance:… Read More »

What is an importance of audit report?

Importance of audit report An audit report is important because it provides an independent and objective evaluation of a company’s financial statements and internal controls. Importance of audit report can be determined to know how It helps to assure the reliability and accuracy of financial information provided by a company to stakeholders such as investors,… Read More »

What is the difference between Financial, Cost and Management Accounting?

Financial, Cost and Management Accounting Financial, Cost and Management accounting are three different branches of accounting that serve different purposes. Here’s a brief overview of each: 1.Financial Accounting: Financial accounting focuses on preparing financial statements and reports that provide information about a company’s financial performance and position. The primary users of financial accounting information are… Read More »

What are the features of private sector enterprises?

Private sector enterprises feature Private sector enterprises are businesses that are owned and operated by individuals or groups of individuals rather than the government. Here are the key features of private sector enterprises: 1.Private Ownership: Private sector enterprises feature always own and control by private individuals or organizations. The owners bear the responsibility for the… Read More »

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