Question

A company might hire an accountant if it wants help with which of the following duties?

a) keeping financial records
b) understanding tax codes
c) preparing financial statements
d) all of the above

Answer 1

The correct answer is A.
Keeping financial records. The purpose of managerial accounting is different with the purpose of financial accounting whereby managerial accounting assists in decisions of the internal management for the firm. In accounting, we have an equation which states that liabilities plus owners equity is equal to the asset.

Answer 2

The correct answer would be D, All of the above.

Step-by-step explanation:

An accountant is a person in a company who manages all the financial transactions of that company. From recording entries till the preparation and understanding of complex financial statements and analyzing and recommendations for the financial decisions, an accountant is helpful for the company. An accountant keeps financial records, also helps in understanding the tax code and prepare the financial statements of the company. Company may also seek recommendations from him about a future financial decision.