Answer the following in detail

1. Distinguish between financial accounting and management accounting.

2.Identify basic types of financial statements and discuss the main purposes for which these statements are produced in an organization.

3.What is a costing system and explain objectives of costing systems.

4. What is relevant costs and revenues and how it is used in making rational managerial decisions?

5. What is the purpose of IFRS and GAAP and what is the difference between the same.

6. What is the purpose of adjusting entries?