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ACCOUNTING 1) Why is financial accounting regulated whereas management accounting is not? 2) Briefly describe the following accounting elements and give one example of each:
ACCOUNTING
1) Why is financial accounting regulated whereas management accounting is not?
2) Briefly describe the following accounting elements and give one example of each:
- Equity
- Income
- Expense
3) Choose any two qualitative characteristics of financial reports and explain what they mean.
4) Briefly explain what the statement of cashflows and income statement tell us about a business.
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