Internal vs financial accounting information
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Is internal accounting information primarily historical or future oriented? How does that compare with financial accounting information?
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Solution Summary
The solution discusses the difference between internal accounting information and financial accounting information using examples of who would process and prepare such information.
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Internal accounting normally refers to the system which processes financial transactions inside the company. The term is often used in conjunction with internal accounting controls or control procedures. This means the system is designed to minimize errors and fraud by providing checks and balances of transactions. In that ...
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