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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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