Explain the Meaning of Financial Accounting, Managerial Accounting and Tax

Question

Examlex · Accepted Answer

The Answer is

\bold{Financial}

reporting is the process by which enterprises provide information to external parties.

\bold{ ext{Managerial accounting,}}

on the other hand, involves reporting within the enterprise.
Tax accounting is the reporting of taxable amounts to the government revenue authorities.
What ties all the branches of accounting together is the idea that some people have information that others need.

Explain the Meaning of Financial Accounting, Managerial Accounting and Tax

Definitions: