Ask Question
BusinessBusiness
29 June, 07:54

Describe the two primary functions of financial accounting

+5
Answers (1)
  1. 29 June, 10:15
    0
    Answer: Measurement and presentation of financial performance

    Explanation: The two primary functions of financial accounting are measurement and presentation of financial performance.

    The measurement function is performed by following accounting procedures and policies under US GAAP and IFRS.

    Whereas, presentation function relates to preparation of financial statements like income statement and cash flow statement.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Describe the two primary functions of financial accounting ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Kelton Inc. reported net credit sales of $450,000 for the current year. The unadjusted credit balance in its Allowance for Doubtful Accounts is $750. The company has experienced bad debt losses of 1% of credit sales in prior periods.
Answers (1)
is the comparison of two or more items on a financial statement over the course of two or more accounting periods or dates and the determination of the changes over that period.
Answers (1)
Sludge Corporation has two bonds outstanding, each with a face value of $3.00 million. Bond A is a senior bond; bond B is subordinated. Sludge has suffered a severe downturn in demand, and its assets are now worth only $5.00 million.
Answers (1)
The application of strict liability to product defects is primarily based in federal statute. a. True b. False
Answers (1)
Describe five ways today's organizations and individuals can sharpen their insight by using customer feedback.
Answers (1)
New Questions in Business
A strategic planning and management system used to translate and align business activities to the vision statement of a business after review of the company's financial processes, customer processes, internal processes, and innovation/growth
Answers (1)
Jessica has been very reliable making payments on reasonable loans over the past decade. She has never been late on a payment and does not plan on borrowing more than she can afford to repay. Her credit report and credit history are superior.
Answers (1)
Name at least four factors that a lender investigates when considering whether you are creditworthy.
Answers (1)
On July 1, 2020, Ayayai Corporation purchased Young Company by paying $257,800 cash and issuing a $139,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows.
Answers (1)
Wheeling Inc. uses the aging of accounts receivable method. Its estimate of uncollectible receivables resulting from the aging analysis equals $6,900.
Answers (1)
Home » Business » Describe the two primary functions of financial accounting
Sign Up Forgot Password?