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Accounting and Financial Management questions & answers.
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Accounting and Financial Management questions & answers.

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  • August 29, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting and financial management questions an

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  • Accounting 101
  • Accounting 101

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Accounting and Financial Management
questions & answers.

Stock Market & its efficiencies ANS - When the space shuttle exploded and they found the company
responsible for it, the capital market found out within minutes



As a result, this caused an immediate drop of the market share, showing that stock markets are
extremely efficient



Accountants vs Finance Professionals ANS - Accountants

- measure, analyze and manage performance

- they look back in time to understand how we progress in our business plan (make decisions based on
info of the past)

- they give feedback to management



Finance Professionals

- they look towards the future

- they forecast the future to understand how businesses are going to perform and they optimize choices
accoridngly

- make decisions as whether they should buy or sell a share



Audit ANS - the examination og a company's financial statements and the accounting practices that
produced them



make sure statements are in conformity with GAAPs (generally accepted account principles)



Management accounting ANS - - Users INSIDE the organization

- produce internal management reports that provide financial information on which decisions can be
based for the future

, Financial accounting ANS - - users OUTSIDE the organization (NGO's, government, shareholders)

- information that is primarily for external purposes (e.g. shareholders)



managerial vs financial accounting ANS - managerial:

provides managers and employees with the info needed to make decisions about a firm's financing,
investing, marketing and operating activities (reflecting the past to determine the future)



financial:

generates financial statements and reports for interested people outside the organization. info is used
to determine if the firm has reached their goals



other types of accoutning ANS - cost accounting (cost of producing certain goods/services)



government accounting



not-for-profit accoutning



tax accounting (generates tax strategy)



Who is involved in financing and accounting? LIST ANS - CORPORATE FINANCE - TREASURER

(Finance & Internal)




FINANCIAL MARKETS - ANALYST/PORTFOLIO MANAGER

(Finance & External)



MANAGEMENT ACCOUNTING - FINANCE MANAGER/CONTROLLER

(Accountant & Internal)

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