1.) A non-profit trade association wants to assure members that their dues are b

Question

1.) A non-profit trade association wants to assure members that their dues are being spent effectively and are not being wasted on excessive administrative costs. Which type of accounting function should be used? a. managerial accounting b. financial accounting c. auditing d. tax accounting 2.) The owner of a shoe store wants to open a new branch. She has her accountant prepare an annual report so that she can ask a bank for a loan to finance this expansion. Which type of accounting function is this? a. managerial accounting b. financial accounting c. auditing d. tax accounting

Explanation / Answer

correct option is "C" -Auditing

Audit is a function which ensures that the financial statment gives true and fair view .also the money of invetors are invested in a right manner.

2) Financial accounting

Financial accounting records monetary trasaction ,classified and analysed in an orderly manner so that income statment and balance sheet gives true and fair view.

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