Posted: October 15th, 2022

Why should the chief accountant of an organization have a clear understanding of both financial and managerial accounting?

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1.
For your Unit 1 Complete assignment, write a narrative essay (minimum 1500 words) in which you address and discuss the questions and statements listed below. Use at least four scholarly sources and remember to demonstrate a thorough understanding of the READ and ATTEND sections in your essay. Cite your sources in APA format.
This week we studied the differences between managerial accounting and financial accounting. When we work in any organization, we must be aware of issues that can lead to fraudulent behavior which can impact the financial reporting process in both managerial accounting and financial accounting reports. Distinguish between financial accounting and managerial accounting as to user groups and time horizons. Why should the chief accountant of an organization have a clear understanding of both financial and managerial accounting? How did the internal control procedure of separation of duties fail to detect the fraudulent behavior in problem 1-28b on page 51? Consider the elements of the fraud triangle and explain how each element is present in this problem. Be sure to use at least four sources and use APA format.

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