Quick answer: Accounting has several branches, each serving a different purpose: financial accounting (reporting results to outsiders), cost accounting (finding
Quick answer: A balance sheet shows what a business owns (assets) and owes (liabilities and equity) on a given date.
Quick answer: An ideal financial statement is simple, relevant, comparable, easy to understand, complete, accurate, prompt and reliable. It should
Quick answer: Financial statements are prepared to show a business’s profit or loss (income statement), its financial position (balance sheet)
Quick answer: A managerial economist forecasts demand, researches markets, analyses costs and break-even points, recommends prices, plans profits, evaluates investments
Quick answer: Managerial economics helps managers with demand analysis, demand forecasting, pricing, cost and break-even analysis, production decisions, profit planning,
Quick answer: Managerial economics is by nature a science and an art, normative, mainly microeconomic but aware of macro conditions,
Quick answer: Managerial economics applies economic theory to business decisions. Its features: it is mainly microeconomic but also uses macroeconomics,
Quick answer: Management accounting uses a set of tools to turn financial data into decisions: financial planning and analysis, historical
Quick answer: Management accounting prepares financial and cost information for managers’ decisions rather than for outside users. It is a