Explanation

Any business's long-term objective is wealth maximisation.

In comparison, profit maximisation is a short-term objective.

Maximising profits guarantees the company's growth and longevity.

Wealth maximisation, in contrast, concentrates on a company's long-term rate of growth by growing its market share.

Explanation

The journal, ledger are all related to financial accounting.

Management accounting is generally concerned with maintaining the risk and decisions.

Explanation

The term "Management Accounting" was first used in 1950.

The concept of management accounting was introduced by James H. Bliss.

Explanation

Process costing is not the tool of management accounting.

Process costing is the most common cost accounting method applied within manufacturing companies.

Explanation

Standard cost accounting can be a highly beneficial tool for managers who are attempting to plan a more accurate budget.

Both budgetary control and standard costing are forward-looking and predetermined techniques of costing

Explanation

The matching principle of accounting principles requires businesses to record depreciation.

 The matching principle states that the expense should be matched with the income generated during the period

Explanation

Companies are called legal persons because they can enter into a separate contract, or they can possess properties in their own name, sue and get sued by the other parties, etc. 

Explanation

Retained earnings are a type of equity and are therefore reported in the shareholders' equity section of the balance sheet.

Explanation

Stock Investments are not stockholders' equity accounts.

Explanation

Depreciation helps to tie the cost of an asset with the benefit of its use over time.

In other words, each year, the asset is put to use and generates revenue, the incremental expense associated with using up the asset is also recorded.

Depreciation arises due to physical wear and tear of the asset.