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Why do organisation need accurate and timely financial information?
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Two common areas of accounting that respectively provide information to internal and external users are?
Internal users with information are managerial accounting is to provide relevant and timely information for managers' and employees' decision-making needs. (private accounting) External users of accounting information include customers, creditors, and the government. These users are not directly involved in managing and operating the business are call financial accounting. Their job is to provide relevant and timely information for decision-making needs of users outside of the business. 1. managerial accounting and financial accounting
Why is maintaining a reliable accurate and timely accounting system important?
without good records it is impossible to determined the financial condition or profitability of a business and also to identify all your business assets , liabilities, income and expenses
Impact of information technology on financial accounting?
The impact of information technology in accounting cannot be overemphazised because of its significant in accounting. There are there major things IT does to accounting sector1.It simplify the rigorous procedures of accounting work2.It makes the job easier3.It increase the speed of solving accounting problems4. An organised accounting data for timely use is achieved.
Disadvantages of financial audits?
Financial statements give an idea about the financial position of the company, however, there are some limitations of the financial statements. The first limitation is that a financial statement ignores the productivity and the skills of the employees in an organization. Management Decision Analysis Report gives an idea about it but financial statements are unable to evaluate the skills which a company has. Secondly, balance sheet does not give timely and relevant information because it is based on historical costs and it does not give a fair idea about the current position of the company. There are different accounting measurement systems therefore, use of different techniques by different companies can make the comparisons of financial statements difficult. Moreover, income statement is considered a fiction because cash is king and income statement ignores this fact.
How does tax and accounts outsourcing work?
Every business needs a little help now and again – especially when it comes to the financial side of things. We understand that growing a business isn’t easy, so if you would like to use our experience and expertise to help you, we would be happy to help. Here are just a few of the ways Morgan Reach can help you grow your business, maximise your profitability and create wealth for you and your family. We pride ourselves in providing a personalised accounting service to businesses of all sizes across a huge variety of industries. Morgan Reach, Outsourced Services offer a discreet and tailored outsourced Finance and Human Resource solution, providing cost effective and reliable Management Information to enable your key people to focus on the delivery that matters. Accurate and timely monthly management accounts Credit control, liaising with your customers on your behalf Payroll and employee expenses administration Accurate and timely VAT returns, liaising with HMRC if required Processing and payment of purchase invoices Treasury management, relieving you of the cash flow burden Ad hoc financial and commercial analysis Finance directorate services
Why should financial information must be shared in a timely manner?
why should financial information must be shared in a timely manner?
What do CFO do?
there is a lot of things that the CFO of an company do but one thing is that they are responsible for presenting and reporting accurate and timely historical financial information of the company he or she works for.
In order to be relevant accounting information must be?
Timely and accurate.
What are the qualities of information?
They are Relevant,Complete,Timely,Accurate,Presentable,and lastlyCost effective
What is FEMA Joint Information System?
The FEMA Joint Information System is a means of pulling together information in a timely and accurate manner. It details the plans, protocols and procedures to the public.
What are Departmental Accountable Officials responsible for?
Supporting the Certifying Officers with timely and accurate data, information, and/or service to ensure proper payments
Why is an information system providing accurate information crucial to an organization?
An information system providing accurate information is crucial to an organization for decision-making, planning, and operations. Inaccurate information can lead to poor decision-making, inefficiencies, and financial losses. Accurate information ensures that the organization can make well-informed decisions and remain competitive in the market.
Why is the use of budgetary slack unethical?
According to the IMA Statement of Ethical it violates competence or the accurate, clear, concise and timely information. It violates integrity and the credibility of information
What is the characteristic of good information?
Good information is accurate, relevant, timely, and easily understandable. It should be reliable, coming from credible sources and free from bias. Additionally, good information should be able to help in making informed decisions or solving problems.
What is the conclusion of flood?
Flood is a natural disaster whose damage cannot be controlled but by latest, accurate and timely information its disastrous impact can be reduced
What is conclusion of flood?
Flood is a natural disaster whose damage cannot be controlled but by latest, accurate and timely information its disastrous impact can be reduced
Characteristics of Good Quality Data?
1. accurate information 2. organized information 3. timely information 4. verifiable information 5. accessible information 6. economical information 7. useful information
