Omar Morena has recently completed his first year of studying accounting. His instructor for next semester has indicated

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QUESTION:

Omar Morena has recently completed his first year of studying accounting. His instructor for next semester has indicated that the primary focus will be the area of financial accounting.

(a) Differentiate between financial accounting and managerial accounting.

(b) One part of financial accounting involves the preparation of financial statements. What are the financial statements most frequently provided?

(c) What is the difference between financial statements and financial reporting?


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