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