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What are some management decisions that might be based on accounting information?
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∙ 10y ago
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∙ 10y ago
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Why is accounting information regulated?
Accounting information is regulated because a lot of stakeholders make business decisions based on this information. If it wasn't regulated, business may be inclined to distort the numbers.
What are the different accounting concepts and principle?
One accounting concept is based around the principles of lean thinking. This is used by companies that employ such methods as lean manufacturing, lean product development, and other lean strategies. Lean Accounting uses cost, management, and financial accounting methods that are based on lean principles. Lean Accounting supports and motivates lean thinking and lean improvement throughout an organization. This is in contrast to more traditional accounting methods that are hostile to lean thinking because they reflect the traditional management principles that are counter to lean thinking.
What are the specialized fields of accounting?
Specialised fields of accounting is Financial accounting , cost accounting & management accounting. The classification is purely based on what kind of accounting activities are conducted. E.g; in the case of financial accounting historical business transactions are recorded in the books of accounts of an undertaking. In some situation possible certain due transactions are entered as due entry. Costs considered are historical costs of various transactions In the case of cost accounting cost calculations are done keeping historical & estimated costs. Cost accounting & the process calculating costs vary according to nature of business manufacturing activity or operating activities. costs are classified for costing & estimation which is essential in costing . Accounting function for costs can be historical /estimated or both depending on the policy. Another field of management accounting encompasses both cost & financial accounting data /books to generate management reports (purely internal confidential reports). financial auditor verifies the truthfulness of financial records. financial accounting data is publicized in the form of annual financial reports .costing & management accounting data are generated for internal purposes & they are also subject to cost & management audit. Contributor's ID y_s_ganesh@yahoo.com
If you have no intention of becoming a financial manager why do you need to understand financial management?
If nothing else, a basic understanding of financial management goes a long way when making important decisions about your personal finances. By educating yourself, you become an educated consumer who will make decisions based on the actual factors involved and not what a salesman at a brokerage firm tells you.
Where can one find information on credit debt management?
If you are interested in finding information on credit debt management and are wondering where to turn, I would suggest that you visit your local bank representative. They are more experienced with money management and can give you advice based on your specific situation.
Why is accounting information regulated?
Accounting information is regulated because a lot of stakeholders make business decisions based on this information. If it wasn't regulated, business may be inclined to distort the numbers.
What does accounting involve?
Accounting is the practice of collecting, summarizing and presenting financial transaction and balance information in order to help end users make business decisions based on that information.
What is benefit of sound accounting system to management?
Benefits of database management system?some of the benefits of dbms: reduced operative expenses quick and accurate decisions based
What are the benefits of management accounting information?
Depending on the level of detail available....many daily, weekly and annual business decisions are based on a good management information system. The decisons are only as good as how current and well organized the system provides. While there are other outside circumstances that would influence the sucess of a company, good decisions are fundamental to the overall sucess.
What did you mean accouting?
Accounting is basically a service based profession that provides reliable and relevant financial information useful in making decisions.
Why do management accounting system pay so much attention on costs?
üHistorical focus on production costs-to value inventory and cost of goods sold for external reporting üReady availability of cost data within the transaction-based accounting system üImportance of cost information in managers' decisions
What is the relationship between cost accounting and managerial accounting?
Financial accounting relates to the information presented based on past events and records. Cost and managerial accounting is the presentation of financial information to the management to be used in decision making while in managerial accounting projections are made based on past trends. e.g. projected cashflows, profit & loss, balance sheet... Financial accounting relates to the information presented based on past events and records. Cost and managerial accounting is the presentation of financial information to the management to be used in decision making while in managerial accounting projections are made based on past trends. e.g. projected cashflows, profit & loss, balance sheet... Financial accounting reports are in standard formats which are worldwide accepted , where as Cost accounting reports are in the format as required by the management
What is accounting one?
cloud based accounting information system
What is on-line accounting system?
cloud based accounting information system
Accounting is ingrained in our society and it is vital to our economic system do you agree Explain?
Accounting - good or bad - is what makes or breaks a business. A good accounting system will provide the management with the tools to make profitable business decisions. Management, large or small, can see what's profitable and what's causing the business to lose money. A poor accounting system, whether it is sloppy or just plain illegal can ruin a business. Management will make poor decisions based on poor or non-existent accounting systems. Management sometimes chooses to use accounting for unethical motives. In either case, accounting IS ingrained in society and affects the economic system for better or worse. Accounting is vital because is a gauge that gives an indication of how well the economy is growing, the areas that need improvement and the areas that need to be improved.
Is management accounting influenced by the G.A.A.P. guide lines?
Managerial accounting is based on the needs of the company and is not required to follow G.A.A.P. because the information is used internally to help find and cut unnecessary expenditures.
What are the limitations of management accounting?
Based on Financial and Cost Records.Personal Bias.Lack of Knowledge and Understanding of the Related Subjects. Provides only Data. Preference to Intuitive Decision Making. Management Accounting is only a Tool. Continuity and Participation. Broad-Based Scope. Visit our website: applefreight. net
