Accounting’s Taxation, ethical and professional questions and answers

1. What is the difference between tax avoidance and tax evasion?  Tax avoidance and tax evasion are two different concepts related to managing tax liabilities. Tax avoidance refers to the legal and strategic use of legitimate methods to minimize tax obligations. It involves structuring financial transactions and utilizing available tax incentives, deductions, and exemptions to … Read more

Managerial Accounting Questions: How to Answer them

1. What is managerial accounting? Managerial accounting is the branch of accounting that focuses on providing financial information and analysis to internal users within an organization. Its primary purpose is to assist management in making informed decisions, formulating strategies, and achieving the organization’s goals. 2. How does managerial accounting differ from financial accounting?  Financial accounting … Read more

10 Accounting Questions: How to answer them properly

1. What is accounting? Accounting is a systematic process of recording, summarizing, analyzing, and interpreting financial transactions and information of a business or organization. It involves the measurement, processing, and communication of financial data to provide stakeholders with relevant and reliable information for decision-making, financial reporting, and the overall management of an entity. 2. What … Read more