What are the Management’s Discussion and Analysis?
Management’s discussion and analysis is part of the disclosures section of the financial statements, in which prior period performance and projected results are discussed. This…
Business
What is Financial Reporting?
Financial reporting is the financial results of an organization that are released to the public. This reporting is a key function of the controller, who…
What is Purchasing?
Purchasing is the organized acquisition of goods and services on behalf of the buying entity. Purchasing activities are needed to ensure that needed items are…
Explain Four Basic Financial Statements
A complete set of financial statements is used to give readers an overview of the financial results and condition of a business. The financial statements…
What is an Entity?
An entity is something that maintains a separate existence. In business, an entity is an organizational structure that has its own goals, processes, and records.…
What is the Statement of Financial Position?
The statement of financial position is another term for the balance sheet. The statement lists the assets, liabilities, and equity of an organization as of…
What are the Objectives of Financial Reporting?
Financial reporting is the process of producing statements that disclose an organization’s financial status to management, investors and the government. The objectives of financial reporting…
The costs of production
The costs of production A business needs accurate and reliable cost information to make decisions. A firm that is aiming to expand production to meet…
What is a Brand?
A brand is a name, term, sign, symbol, design or any other feature that allows consumers to identify the goods and services of a business…
What is audit?
Audit: an independent check on the financial accounts of an organisation. It is conducted by auditors who are professional accountants. Auditing is an essential part of…
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