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Vital! The accounts are an essential element of the management information system.
They tell management, in financial terms, what the company/organisation has done, but, more importantly, the accounts provide a basis for decision making.
Although organisations are dependent on external factors for survival, careful management of resources (by means of accountinng information) can help to mitigate losses, but also must be used facilitate the identification and exploitation of opportunities.
The accounts can provide various measures of efficiency and effectiveness, from identifying co-relationships between marketing activity and sales, to staff and asset performance. Good accounting can be used in a predictive way, and as a basis for rewarding those within the company/organisation who contributed to past success.
Accounts can be an incentive to better business. Good budgeting therefore plays a part, all part of a good accounting system. The essence of good accounts includes accuracy, timeliness and clarity and simplicity of format, so that all users can make informed decisions.
What else can I help you with?
Is accounts receivables considered an asset?
Yes. Accounts receivable, or receivables for short, represent a financial obligation to the organization and are represented on the asset side of the balance sheet.
TASM use the Enterprise Monitoring and Management of accounts application to create and manage TA accounts?
A chart of accounts provides a listing of all financial accounts used by particular business, organization, or government agency. The system of recording, verifying, and reporting such information is called accounting
What form of business organization accounts for almost 85 percent of all sales revenues in the US?
A corporation
What is the role of accounting function within a large organization?
The role of accounting function within a large organization is to keep all the financial records of the organization. The functions include but are not limited to bookkeeping, bank reconciliation, making payments and so much more.
Can audit teams share information?
An audit team can share information to some extent. they can share information to the following members/factors: Government( if required) Directors of the organization Accounts department of the organization
Role of TPS in a service organization?
describe the role of a TPS in a service organization
What is corporate accounts?
It is the organization that pays for the removal charges
What is the role of enterprenuership?
what is the role of enterprenuership in an organization
What is the organization role and constituency of political parties?
describe the organization role and constituencies of political parites
What is accounts?
Accounts are records or statements of expenditure or receipts that regard a given period of time. Accounts may also be regarded as identification for people registered to an organization or institution.
How much do accounts managers earn?
It depends on the company or organization ability there is no standard pay for any employee or any organization...
Role of a Administrator in a organization?
mohamed
What is role of purchasing department in an organization?
To purchase the materials the organization needs to opperate
Who is Chief Ray and what role does he play in the organization?
Chief Ray is the head of the organization and holds a leadership role. He is responsible for making important decisions, overseeing operations, and guiding the direction of the organization.
What is the role of accounts receivable in a business?
The role of accounts receivable in a business is to determine the amount of money owned to the business or company by debtors. This account is in the asset portion on a balance sheet.
What does book kipping mean?
Bookkeeping refers to an occupation that is responsible for keeping the financial records for an organization. This person records the transactions and accounts for the organization.
What are the importances of branch accounts?
it enables the organization to determine the branch that is making either profit or loss. It helps to determine the performance of the organization as a whole.
