two common areas of accounting that respectively provide information to internal and external users are

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10-12-2022
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two common areas of accounting that respectively provide information to internal and external users are

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rafikiedu08 rafikiedu08 · Answer 1 · 2022-12-17T05:22:21+01:00

Two common areas of accounting that respectively provide information to internal and external users are managerial accounting and financial accounting.

Financial accounting is the process of recording, examining, and summarising each transaction made by a company or organisation in order to evaluate its stability and financial health. The Financial Accounting Standards Board (FASB), a US organisation, has established a set of rules that must be adhered to. These have also been referred to as Generally Accepted Accounting Principles (GAAP), and they were developed to make accounting procedures simpler, more reliable, and uniform across all businesses.

A registered company's principal duty is to assess its financial year's performance, progress, and areas that require improvement. This enables the business to evaluate the state of the economy as a whole, identify problems, and quickly fix them.

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