Accounting capstone Assignment Knowing that the company's former CFO and CEO not only got in trouble for fiduciary responsibility violations but IRS issues as well, you plan to write a report with...

Answer 1. The different segments of accounting are the financial accounting, cost accounting and tax
accounting. These three areas play an important role in deciding the growth and the overall
functioning of any organisation. If these areas are not separately governed and monitored then
there is bound to be difficulties arising in management of the company. Separate management of
these three accounting is to be done so that it can prevent the company from making any kind of
violations. Some of the difference between these segments of accounting is as follows:
Serial No. Areas Financial
Accounting
Cost Accounting Tax Accounting
1 Legal body which
govern and
guidelines which
need to be followed
Governed by both
local and
international
accounting
standards like
GAAP, IFRS, etc.
Costing Rules and
Process, governed
by organisational
polices. No legal
Body governance.
State and Local
Laws, Taxation
Authorities, IRC(
Internal Revenue
Code) IRS
2 Types of report
created
Financial
statements like
balance sheet,
income statements,
statements of cash
flow, statement of
owner’s equity etc.
Cost Sheet, Job Cost
Sheet, ABC Costing
Reports, Process
Costing Reports,
Variance Analysis
Report, Budgets
Income Tax
Statements and
Returns.
3 Stakeholders
Involved
Users external to
company like
investors, creditors,
credit rating
agencies and
regulatory agencies,
owners, who are
decision makers.
Owners of the
company- decision
makers. Internal
Users
Government,
External Users like
Creditors, Internal
Users like Owners.
4 Important issues
involved which
need to be
monitored closely
by the
management.
The reports should
be correct and
should give a true
and a fair...