AFM 131 MODULE 8 EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++

AFM 131 MODULE 8 EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ Accounting recording, classifying, summarizing, and interpreting financial events Reports and financial statements from accountants can: provide information that can be used by decision- makers both inside and outside the organization. Inputs Accounting documents: Sales, Purchasing, Shipping, Payroll Processing Record: entries made in journals, Classifying: Transfer info to legers All Accounts are summarized Outputs Financial Statements: Balance sheet, Income statement, Cash Flow Marketing Staff Need to know costs of products Operations Staff Need to know cost of production Human Resources Manage costs of People External Stakeholders Investors, Creditors, Suppliers, Government Managerial Accounting provide information to managers inside the company to assist in decision making can work hand in hand, prepare budgets, consider sale strategies Financial Accounting Information for stakeholder outside of the company Annual Report a yearly statement of the financial condition, progress, and expectations of a company Compliance Accouting reviewing the records a company used to prepare financial statements Independant Audits evaluation and unbiased opinion Tax Accounting Tax accountants understand changing tax laws, plan strategies to reduce tax, and meet filing requirements Government public sector financial standards and sharing information with taxpayers Not for Profit i.e., charities and making financial information available to donors Private Accountant works for a single firm, government agency, or non-profit organizations Public accountant provides services to individuals or businesses on a fee basis - Compliance provide evaluations (trusted business advisors) - Consulting bookkeeping recording business transactions