Omar Morena has recently completed his first year of studying accounting.

QUESTION:

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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.

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Instructions

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a. Differentiate between financial accounting and managerial accounting.

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

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c. What is the difference between financial statements and financial reporting?

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