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One is just as important as the other. All jobs are important, otherwise the one of 'lesser importance' wouldn't exist. This goes with all jobs: in the restaurant industry, a cook is just as important as a busboy; in the retail business, a sales clerk is just as important as a cashier; in the medical field, a medical technician is just as important as a registered nurse. Every job in every field has a purpose, with one being just as important to the good of the whole as the other.
Wiki User
∙ 15y ago
Wiki User
∙ 10y agoFinancial accounting is the basis on which managment accounting is built.
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Which comes first out of summer and winter?
Summer comes first and then winter comes after fall!
Which comes first noon or sunset?
sunset comes first and then noon.
What is KGiSL Institute of Information Management's motto?
The motto of KGiSL Institute of Information Management is 'Delivering First'.
From which 2000 movie comes the tagline First comes love Then comes the interrogation?
Meet the parents
Can a manager apply a rule of depreciation such as All asset additions are considered to be in use on the first day what month?
No. A typical manager does not determine the accounting treatment of assets. The accounting audit staff will have guidelines on how to properly account for specific types of assets the firm employs. It is these guidelines that the manager should be applying and they should be consistent over asset classes. If the company is public and must comply with Sarbanes-Oxley requirements the accounting auditors must agree with the treatment of asset not just for purposes of reporting to the public through financial statements; but also for use internally so that top mgt is not misled by faulty assumptions underlying the reports they use to make business decisions.
Which is most needed in the early stage of business financial or managerial accounting?
Financial accounting should be used first when starting a new business.
What educational requirements would be required for a financial accounting job?
If one wishes to pursue a career in the financial accounting field, one must first go to college and obtain a financial accounting degree from an accredited university.
What is the relationship of cost accounting to financial accounting and management accounting?
Cost Accounting related to accounting methods and techniques used by managers to operate their firms. Examples include raw materials, labor and manufacturing overhead management. On the other hand, Financial Accounting refers to generally accepted accounting principles that produce results (profit, earnings per share) which are reliable (can be used by analysts and creditors to predict future earnings) and comparable (with other companies). The first type deals more with managerial issues and does not define any "proper" way of reporting a company's financial statements, while the second one is all about bringing a common set of rules that all companies should follow when reporting performance results.
What is difference between advanced accounting and cost accounting?
ADVANCED ACCOUNTING covers accounting operations, patterns, merger of public holding companies, foreign currency operations, changing financial statement ...Cost accounting:A type of accounting process that aims to capture a company's costs of production by assessing the input costs of each step of production as well as fixed costs such as depreciation of capital equipment. Cost accounting will first measure and record these costs individually, then compare input results to output or actual results to aid company management in measuring financial performance.
What is the difference between cost accounting and advance accounting?
ADVANCED ACCOUNTING covers accounting operations, patterns, merger of public holding companies, foreign currency operations, changing financial statement ... Cost accounting: A type of accounting process that aims to capture a company's costs of production by assessing the input costs of each step of production as well as fixed costs such as depreciation of capital equipment. Cost accounting will first measure and record these costs individually, then compare input results to output or actual results to aid company management in measuring financial performance Type your answer here...
How the legislation and accounting concepts affect an organization's accounting policies?
Reporting methods, measurement systems, and disclosures used by a specific company. The accountant should evaluate the appropriateness of accounting policies employed by management. A description of the company's accounting policies should be presented in a separate section preceding the footnotes to the financial statements or as the first footnote. Disclosure of accounting policies should include Accounting Principles and methods of application that involve: (1) a selection from generally accepted alternatives; (2) those peculiar to the industry or field of endeavor; and (3) unusual or different applications of Generally Accepted Accounting Principles (GAAP). Examples of disclosures are basis of Consolidation, depreciation methods, and inventory pricing. Disclosure of accounting policies assists financial readers in better interpreting a company's financial statements. Thus it results in fair presentation of the financial statements.
How legislation and accounting concepts affect an organization accounting policies?
Describe how the legislation and accounting concepts affect an organisation's accounting policiesReporting methods, measurement systems, and disclosures used by a specific company. The accountant should evaluate the appropriateness of accounting policies employed by management. A description of the company's accounting policies should be presented in a separate section preceding the footnotes to the financial statements or as the first footnote. Disclosure of accounting policies should include Accounting Principles and methods of application that involve: (1) a selection from generally accepted alternatives; (2) those peculiar to the industry or field of endeavor; and (3) unusual or different applications of Generally Accepted Accounting Principles (GAAP). Examples of disclosures are basis of Consolidation, depreciation methods, and inventory pricing. Disclosure of accounting policies assists financial readers in better interpreting a company's financial statements. Thus it results in fair presentation of the financial statements.
What are the distinguishing features of managerial accounting?
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.
Why would one restate a financial statement?
One would restate a financial statement is, for example, new information comes to light after the financial statement was first produced. Sometimes accounting rules change and to allow comparison with accounts done under the new rules, previous accounts are restated to comply with the new rules.
What type of training is required to become a accountant?
To become an accountant first you need to have a degree in accounting or you need to be fully or part qualified in a professional qualification such as CIMA (Charted Institute of management Accountants ), CPA (US) , CPA (Australia) , and CA (Charted Accountant) Qualification. Once you have satisfied these requirements then you can start your career in accounting as a graduate. While you are employed as a graduate, typically a company will provide you with a mentor and will mentor you and train you with the overall accounting function within and organization. Once you have enough experience in accounting you can select either the financial accounting or management accounting functionality. This will defer if you get in to a charted accounting firm. Mentoring will be provided however, you will start as a graduate in business services (Auditing and assurance ).
Where can small business accounting software be purchased?
Small business accounting software can be purchased through many online websites that offer their services directly through the internet. However, one could also purchase accounting software from a business store such as Staples, Office Depot, or even mass retailers such as Wal-Mart and Target.
What is the relationships between accounting and auditing?
Accounting is a listing of all financial transactions, and there will be a correspondence with bank statements. Auditing is a check by an independent person or company that has no other financial interest in the first company etc to check nothing illegal or against accounting principles has occurred. Companies usually carry out their own internal audit first, but that doesn't count for much legally.
