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An accounting department provides accounting services and financial support to the organization it belongs to. The department records Accounts Payable and receivable, inventory, payroll, fixed assets and all other financial elements. The department's Accountants review the records of each department to determine the company's financial position and any changes required to run the organization cost effectively.
Accounts Payable and ReceivableThe accounts payable section of an accounting department records goods and services that it receives and the payments it owes, such as inventory from a supplier or other expenses. The department records each accounts payable as a liability and accounts receivable as assets. Assets such as revenue and customers' obligations pay for goods and services. PayrollThe payroll function of an accounting department ensures that the organization pays its employees accurately, including bonuses, commissions and benefits. The department monitors employees' time off, vacation and sick days. It pays the government taxes as well as union dues and other withholding from an employee's paycheck. The department reimburses employees for expenses and makes payments to vendors. InventoryA company's inventory is the goods owned for the purpose of sale. Inventory is usually sold within a year. An accounting department watches the cost of inventory over a specific period against its revenues to ensure that the cost of raw materials, labor and overhead do not negatively impact cash flow. The accounting department tries to find a balance between high inventory levels that satisfy customers but are costly to the company and low inventory levels that satisfy the company's expenses but may dissatisfy customers. Fixed AssetsIn order to function effectively, a company may need machinery, equipment, vehicles and other fixed assets it uses over several years. The accounting department is responsible for recording fixed assets on a balance sheet with depreciation. Fixed assets could be be intangible--such as goodwill or a trademark--or tangible--such as machinery. As the company needs an upgrade to remain competitive, its financial statements will determine what the business can afford.You can refer to below link for more information.
http://smallbusiness.chron.com/purpose-accounting-department-within-organization-24374.html
Answered by Mansoor Basheer Gombe on 22/06/2012 9:38 pm
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∙ 11y ago
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What are the roles of Management in Accounting?
The role of management levels in accounting is to get full information about the financial position in the organization to get the decision
Who is an account clerk?
An accounting clerk can have many roles within an accounting department. A clerk can be responsible for receivables, payables, and billing. The clerk is usually the lowest ranking accounting position.
Responsibilities of accounting department?
The responsibilities of an accounting department are to handle all financial transactions in the organization. These includes bookkeeping, filing returns advising on various monetary policies and so much more.
What is internal role of accounting for an organisation?
Like many other functions in a business, the accounting and finance function has a hierarchical structure, defined job roles and a straightforward path to advancement. Accounting personnel usually begin performing less-technical accounting tasks, such as reconciliations and accrual calculations and pick up more responsibility as they grow with the organization. Knowing the major internal accounting roles in an organization can help you find where you might want to end up.
Role of an accountant in an organization?
Accountants have many roles in an organization. A management accounting will create and understand production reports and make timely and valuable decisions to increase the company profits.
What are the roles of Management in Accounting?
The role of management levels in accounting is to get full information about the financial position in the organization to get the decision
Who is an account clerk?
An accounting clerk can have many roles within an accounting department. A clerk can be responsible for receivables, payables, and billing. The clerk is usually the lowest ranking accounting position.
What are the roles of logistics administration department?
The roles of a logistics administration department is to coordinate with all departments to ensure smooth running of an organization. The department will handle things like communication, transport, training and much more.
Responsibilities of accounting department?
The responsibilities of an accounting department are to handle all financial transactions in the organization. These includes bookkeeping, filing returns advising on various monetary policies and so much more.
What is internal role of accounting for an organisation?
Like many other functions in a business, the accounting and finance function has a hierarchical structure, defined job roles and a straightforward path to advancement. Accounting personnel usually begin performing less-technical accounting tasks, such as reconciliations and accrual calculations and pick up more responsibility as they grow with the organization. Knowing the major internal accounting roles in an organization can help you find where you might want to end up.
An organization's accounting department decides to send out a bill to a new customer What type of decision does this represent?
Programmed
What is the difference between branch and department accounting?
A branch is a unit and a department is the sub unit in an organization. when we talk in terms of a branch we mean the accounting methodologies in respect of the unit consisting of all the departments working under it.
Who are the parties interested in the accounting data?
Usually the accounting department is the main department that looks at the accounting data. Depending on the size of the organization the amount of people looking at the data will vary. Of course, the IRS will be interested into the accounting data. Payroll will be interested in the date. The CEOs or top leaders will be interested in this date. Marketing will sometimes be interested in sections of the data. It all varies depending on the size and structure of the organization.
Role of an accountant in an organization?
Accountants have many roles in an organization. A management accounting will create and understand production reports and make timely and valuable decisions to increase the company profits.
Job organization and information?
Job organization and information will clearly define the roles of each department. This is very useful for purposes of monitoring growth and production.
Duties of accounts department?
The accounting department helps the business remain profitable. Accountants generate reports that allow management to make strategic decisions about the direction of the organization.
What are the roles of a management accountant in a organisation?
financial accounting and cost accounting
