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Reliability
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State the person who should be interested in accounting information?
state the persons who should be interested in accounting information
Who are the users of output of accounting information system?
Users of the output of accounting information systems would be the companies themselves, to see how they stand. The information is also used by outsiders. Banks will want to look at the accounting information to know if they should make a loan to the company. If it's a public company stockholders will use the information in purchasing or trading stock.
What are the main characteristics of accounting information?
Understandability This implies the expression, with clarity, of accounting information in such a way that it will be understandable to users - who are generally assumed to have a reasonable knowledge of business and economic activities Relevance This implies that, to be useful, accounting information must assist a user to form, confirm or maybe revise a view - usually in the context of making a decision (e.g. should I invest, should I lend money to this business? Should I work for this business?) Consistency This implies consistent treatment of similar items and application of accounting policies Comparability This implies the ability for users to be able to compare similar companies in the same industry group and to make comparisons of performance over time. Much of the work that goes into setting accounting standards is based around the need for comparability. Reliability This implies that the accounting information that is presented is truthful, accurate, complete (nothing significant missed out) and capable of being verified (e.g. by a potential investor). Objectivity This implies that accounting information is prepared and reported in a "neutral" way. In other words, it is not biased towards a particular user group or vested interest.
Why do competitors need accounting information?
Competitors need or use accounting information to known if the person that they are competing with is gaining more money than them to known if he or she should work harder,put more effort or relax a little.
How you can explain accounting is an information system?
Accounting is an information system for measuring, processing and communicating information that is useful in making economic decision. Every business is conducted to make profit. Accounting knowledge is there to assist the business man to assess whether the business is making profit or loss. In accounting brings discipline on how to source money, how to spend and how much to save. Accounting ensures consistency in the treatment of various transactions. Accounting involves gathering of financial data, recording classifying, summarizing and communicate the results to the owners of the business, or to others allowed to receive this information. Accounting should not be confused with Book keeping as Book keeping is the part of accounting concerned with recording of financial data. Book keeping is the process of recording data relating to accounting transactions in the books of accounts.
State the person who should be interested in accounting information?
state the persons who should be interested in accounting information
What should participants in videoconferencing wear?
Participants in a videoconference should wear solid-colored clothing in dark or neutral colors to enhance the camera's focus.
Who are the users of output of accounting information system?
Users of the output of accounting information systems would be the companies themselves, to see how they stand. The information is also used by outsiders. Banks will want to look at the accounting information to know if they should make a loan to the company. If it's a public company stockholders will use the information in purchasing or trading stock.
What are the problems with accounting information systems in Nigeria?
The problem with accounting information in Nigeria is that there is a lot of hacking going on in that country. Nigeria is also a place for internet scams, so caution should be used.
What are the main characteristics of accounting information?
Understandability This implies the expression, with clarity, of accounting information in such a way that it will be understandable to users - who are generally assumed to have a reasonable knowledge of business and economic activities Relevance This implies that, to be useful, accounting information must assist a user to form, confirm or maybe revise a view - usually in the context of making a decision (e.g. should I invest, should I lend money to this business? Should I work for this business?) Consistency This implies consistent treatment of similar items and application of accounting policies Comparability This implies the ability for users to be able to compare similar companies in the same industry group and to make comparisons of performance over time. Much of the work that goes into setting accounting standards is based around the need for comparability. Reliability This implies that the accounting information that is presented is truthful, accurate, complete (nothing significant missed out) and capable of being verified (e.g. by a potential investor). Objectivity This implies that accounting information is prepared and reported in a "neutral" way. In other words, it is not biased towards a particular user group or vested interest.
Should a management accounting system provide both financial and non financial information?
accounting system provide both financial and non financial information.explain.
What is the Financial Accounting Standards Board's ideal of neutrality?
accounting standards should be designed to provide the best possible information for economic decision making without regard to how that information may affect economic, political, or social behavior.
Why do competitors need accounting information?
Competitors need or use accounting information to known if the person that they are competing with is gaining more money than them to known if he or she should work harder,put more effort or relax a little.
Can you get topics relating to information technology in accounting?
In a proper Accountancy Training Program you should first be taught how do accountancy before you get a chance to use information technology
How you can explain accounting is an information system?
Accounting is an information system for measuring, processing and communicating information that is useful in making economic decision. Every business is conducted to make profit. Accounting knowledge is there to assist the business man to assess whether the business is making profit or loss. In accounting brings discipline on how to source money, how to spend and how much to save. Accounting ensures consistency in the treatment of various transactions. Accounting involves gathering of financial data, recording classifying, summarizing and communicate the results to the owners of the business, or to others allowed to receive this information. Accounting should not be confused with Book keeping as Book keeping is the part of accounting concerned with recording of financial data. Book keeping is the process of recording data relating to accounting transactions in the books of accounts.
Should modern businesses use web development services to enhance their online presence?
Of course, moder businesses should use web development services to enhance their online presence. That way, the businesses can control the information in their website and attract customers.
Changing the method of inventory valuation should be reported in the financial statements under what qualitative characteristic of accounting information?
timeliness
