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Is financial accounting historical scorekeeping or is it future oriented?
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Is management accounting information historical or future oriented?
Management accounting information is historical in nature but it needs to be also future oriented.
What is the relation between accounting theory and accounting practices?
Accounting theory examines practical and theoretical issues in accounting practices such as historical costs, decision usefulness, portfolio risk, fair-value-oriented standards and executive management compensation and earnings. In addition, it also discusses economic and political issues and criteria related to accounting practices required by accounting governing bodies such as Canadian Institute of Chartered Accountant (CICA), Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB). The first goal of accounting theory is to describe and explore various theories that underlie financial accounting and reporting. The second goal is to explain and illustrate the relevance of these theories in order to understand the practice of accounting and reporting. Some of the main theories are based on economics and finance. For instance, by discounting future cash flows to present time, the present value model enables a theoretically correct basis of asset and liability valuation and income measurement of a firm. Thus, the present value model provides a benchmark to guide accounting practice. From a finance stand point, portfolio and efficient market theory are used in accounting practices in understanding how investors make rational investment decisions and how they use financial accounting information to make their decisions. Accountants can then prepare financial statements that are of greatest use to investors. To put in a nutshell, accounting theory helps to understand the impact of complex ideas and regulations on financial reporting and the interpretation of information generated by financial reporting at the conceptual level.
How to Compare and contrast financial management wit management accounting and financial accounting?
Management accounting is a field of accounting that analyzes and provides cost information to the internal management for the purposes of planning, controlling and decision making.Management accounting refers to accounting information developed for managers within an organization. CIMA (Chartered Institute of Management Accountants) defines Management accounting as "Management Accounting is the process of identification, measurement, accumulation, analysis, preparation, interpretation, and communication of information that used by management to plan, evaluate, and control within an entity and to assure appropriate use of an accountability for its resources". This is the phase of accounting concerned with providing information to managers for use in planning and controlling operations and in decision making.Managerial accounting is concerned with providing information to managers i.e. people inside an organization who direct and control its operations. In contrast, financial accounting is concerned with providing information to stockholders, creditors, and others who are outside an organization. Managerial accounting provides the essential data with which organizations are actually run. Financial accounting provides the scorecard by which a company's past performance is judged.Because it is manager oriented, any study of managerial accounting must be preceded by some understanding of what managers do, the information managers need, and the general business environment.
What are the fundamentals differences between financial and managerial accounting?
Financial accounting gives an overview of the company using generally accepted accounting principles. While used internally, it is also presented to external users such as investors, banks and other creditors. Managerial accounting is designed to facilitate internal operational evaluation and decision-making. It may not use generally accepted methods of presentaion; but, rather, present information in a way that is most useable to various department managers. It tends to be more detail oriented in some ways, but might completely omit information that is not pertinent to the intended user.
What are the duties of an Bookkeeper?
A bookkeeper plays an important role to maintain the financial records for a company or for an organization. A bookkeeper must have detail-oriented skills that allow you to keep up with company expenditures, making payroll, tax requirements. The bookkeeper must have been known to all the accounting software because most of the companies use this software to report transactions, issue payments and balance accounts.
Is management accounting information historical or future oriented?
Management accounting information is historical in nature but it needs to be also future oriented.
What has the author Alexander Wall written?
Alexander Wall has written: 'Student Oriented Curriculum Asking the Right Questions' 'Ratio analysis of financial statements' -- subject(s): Accounting, Banks and banking, Credit, Financial statements 'How to evaluate financial statements' -- subject(s): Accounting, Credit, Financial statements, Industrial statistics, Ratio and proportion 'Analytical credits' -- subject(s): Accessible book, Credit
What is the relation between accounting theory and accounting practices?
Accounting theory examines practical and theoretical issues in accounting practices such as historical costs, decision usefulness, portfolio risk, fair-value-oriented standards and executive management compensation and earnings. In addition, it also discusses economic and political issues and criteria related to accounting practices required by accounting governing bodies such as Canadian Institute of Chartered Accountant (CICA), Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB). The first goal of accounting theory is to describe and explore various theories that underlie financial accounting and reporting. The second goal is to explain and illustrate the relevance of these theories in order to understand the practice of accounting and reporting. Some of the main theories are based on economics and finance. For instance, by discounting future cash flows to present time, the present value model enables a theoretically correct basis of asset and liability valuation and income measurement of a firm. Thus, the present value model provides a benchmark to guide accounting practice. From a finance stand point, portfolio and efficient market theory are used in accounting practices in understanding how investors make rational investment decisions and how they use financial accounting information to make their decisions. Accountants can then prepare financial statements that are of greatest use to investors. To put in a nutshell, accounting theory helps to understand the impact of complex ideas and regulations on financial reporting and the interpretation of information generated by financial reporting at the conceptual level.
How to Compare and contrast financial management wit management accounting and financial accounting?
Management accounting is a field of accounting that analyzes and provides cost information to the internal management for the purposes of planning, controlling and decision making.Management accounting refers to accounting information developed for managers within an organization. CIMA (Chartered Institute of Management Accountants) defines Management accounting as "Management Accounting is the process of identification, measurement, accumulation, analysis, preparation, interpretation, and communication of information that used by management to plan, evaluate, and control within an entity and to assure appropriate use of an accountability for its resources". This is the phase of accounting concerned with providing information to managers for use in planning and controlling operations and in decision making.Managerial accounting is concerned with providing information to managers i.e. people inside an organization who direct and control its operations. In contrast, financial accounting is concerned with providing information to stockholders, creditors, and others who are outside an organization. Managerial accounting provides the essential data with which organizations are actually run. Financial accounting provides the scorecard by which a company's past performance is judged.Because it is manager oriented, any study of managerial accounting must be preceded by some understanding of what managers do, the information managers need, and the general business environment.
What are the fundamentals differences between financial and managerial accounting?
Financial accounting gives an overview of the company using generally accepted accounting principles. While used internally, it is also presented to external users such as investors, banks and other creditors. Managerial accounting is designed to facilitate internal operational evaluation and decision-making. It may not use generally accepted methods of presentaion; but, rather, present information in a way that is most useable to various department managers. It tends to be more detail oriented in some ways, but might completely omit information that is not pertinent to the intended user.
What is profit oriental?
Profit oriented is concerned with or focused on commercially financial gain. A company that is not making a profit will soon cease trading!
What is financial inteligence?
financil intelligence is the ability to make financial decisions in an intelligent/prudent/ wise brilliant/ success/ result-oriented way.
What kind of skills an accounting person needs?
First, a successful accountant must have good mathematical abilities. Being analytical and detail oriented are also very important traits. Reading comprehension skills are important in order to read and interpret accounting bulletins, tax laws and contracts. In public accounting or as an accounting manager, people/communication skills are important. And it doesn't hurt to be a good speaker and have leadership abilities.
What kind of job can you find with a online bachelor's degree in accounting?
An online bachelors degree in accounting degree gives you the opportunity to specialize and become a management or corporate accountant, public accountant, forensic accountant, public sector accountant, consultant or tax accountant. An accounting major will give you a chance to do a variety of jobs. You can get a job as an auditor, accountant, financial representative, financial adviser, loan officer, financial adviser, budget estimator, tax accountant or management accountant. When choosing a college to do your accounting major, make sure it is accredited and that the course content is such that it prepares students to overcome any challenges they might face in the job market. An online search for a degree with an accounting major led me to the California College San Diego student review page. I'm going to find out more about it as the curriculum seems to be career-oriented. You can also find out about similar courses from colleges in your preferred location.
Limitations of cost accounting?
Some limitations of cost accounting include: Not capturing all intangible costs and benefits, such as employee morale or brand reputation. Tendency to focus on historical data rather than future-oriented analysis. Can be complex and time-consuming to implement accurately, leading to potential errors or biases in the information provided.
What is the difference between online transaction processing and online analytical processing?
OLTP : customer oriented. OLAP : Market oriented OLTP : ER based application oriented concern OLAP : subject oriented concern. Current data : Historical data used for detailed for decesion making Access patterns are short. : COCancelMPLEX
Role in finance manager managing in effective financial management in export oriented company?
what is the Role of Compay Finance Manager?
