Filter reports --separate selected data from a database, such as a monthly check register
The reports can be tabular, showing data in a table or tables; graphic, using images to convey information in a picture format; or matrices, to show complex relationships in multiple dimensions.
Management accounting gathered data or information from cost accounting and financial accounting. After that, it analyzes and interprets the data to prepare reports and provide necessary information to the management.
Many people use accounting information including investors, government entities and shareholders. Since so many people use accounting information, the reports must be accurate.
yes
External users of accounting information (especially investors) use accounting information like annual and quarterly reports to base their investing decisions on, and to compare different companies.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.
Accounting programs are designed to keep and organise financial information. This information includes employee payrolls, sales and purchases ledgers, bank transactions records and records of suppliers. It is easy to print the information as financial reports.
Internal controls are procedures set up to protect assets, ensure that accounting reports are reliable, promote efficiency, and encourage adherence to company policies. Internal controls are crucial if accounting reports are to provide relevant and reliable information.
A qualatative charectoristic is a charectoristic which measures the quality of something.a qualitative characteristics are the qualities of the information in accounting reports
How would you describe the difference between financial and managerial accounting? First, the primary users of reports in financial accounting is external users: stockholders, creditors, and regulators. The primary users of managerial accounting is internal users: officers and managers. Second, the types and frequency of reports for financial accounting uses financial statements and they are quarterly and annually. Managerial accounting uses internal reports and as frequently as needed. Third, the purpose of reports for financial accounting is general-purpose and managerial accounting is special-purpose for specific decisions. Fourth, content of reports for financial accounting is limited to double-entry accounting and cost data, highly aggregated (condensed), pertains to business as a whole, and generally accepted accounting principles. Managerial accounting is extended beyond double-entry accounting to any relevant data, very detailed, pertains to subunits of the business, and standard is relevance to decisions. Last, financial accounting verification process is audit by CPA and managerial accounting verification process is no independent audits.
Accounting is political in nature as final information from accounting reports has impact on the general public, whether it be a public or private company.
Internal controls are procedures set up to protect assets, ensure that accounting reports are reliable, promote efficiency, and encourage adherence to company policies. Internal controls are crucial if accounting reports are to provide relevant and reliable information.
Responsibility reports --such as a weekly sales report for a regional sales manager