1. What is Financial Accounting? 2. What is Cost Accounting? 3. What is Management Accounting? 4. What is the Acid Test Ratio? 5. What is the Debt-Equity Ratio? 6. What is the Golden Rules of Accounting?

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Answers to common accounting questions including financial, cost, and management accounting, as well as ratios and golden rules.

Financial accounting is the process of recording, summarizing, and reporting financial transactions of a business.
Cost accounting involves analyzing the costs of producing a product or service to help with decision-making and cost control.
Management accounting provides financial information to help with planning, controlling, and decision-making within an organization.
The Acid Test Ratio is a measure of a company's ability to pay off its short-term liabilities with its current assets.
The Debt-Equity Ratio is a measure of a company's financial leverage, calculated by dividing total liabilities by shareholder equity.
The Golden Rules of Accounting are: Debit the receiver, Credit the giver; Debit what comes in, Credit what goes out; Debit all expenses and losses, Credit all incomes and gains.

Accepted Answer

A form of managerial accounting that aims to capture a company's total cost of production by assessing the variable costs of each step of production as well as fixed costs, such as a lease expires  A specific branch of accounting involving a process of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time.
[24/07, 2:47 am] Jeevi💖: The practice of identifying, measuring, analyzing, interpreting, and communicating financial information to managers for the pursuit of an organization's goals.
Investopedia
[24/07, 2:48 am] Jeevi💖: A method to gauge whether a firm has sufficient short-term assets to cover its immediate liabilities.
A ratio that is used to evaluate a company's financial leverage and is calculated by dividing a company's total liabilities by its shareholder equity.
: The three golden rules of accounting are (1) debit all expenses and losses, credit all incomes and gains, (2) debit the receiver, credit the giver, and (3) debit what comes in, credit what goes out.

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Ans-1Financial accounting is the process of summarising financial data which is taken out from an organisation accounting record in the form ofannaual or quartterly reports

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1. What is Financial Accounting? 2. What is Cost Accounting? 3. What is Management Accounting? 4. What is the Acid Test Ratio? 5. What is the Debt-Equity Ratio? 6. What is the Golden Rules of Accounting?

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