0
What else can I help you with?
What general financial management system provides real time summary record balances for specified queries?
General Accounting & Finance System-Base Level (GAFS-BL)
Is the general ledger of a business started off from scratch each year?
No, the general ledger of a business is not started from scratch each year. Instead, it maintains a continuous record of all financial transactions over time, carrying forward the balances from previous years. At the beginning of a new fiscal year, the balances are typically rolled over to reflect the company's financial position, allowing for ongoing financial tracking and reporting. However, businesses may close their books for the previous year and prepare financial statements before starting a new accounting period.
Where requires statutory audit?
Statutory audits are required by governmental agencies or industry regulators. Banks, insurance companies and general firms provide audited statutory financial statements periodically. Statutory audit procedures are varied, and include understanding a business entity's operating environment and controls. An auditor performs tests of accounts and balances on a bank's, an insurance company's or a hedge fund's account balances to check that such balances and corporate financial statements are accurate and complete
What is the role of an accounting department in a corporation?
Role of accounts department in a corporation is: · Financial accounting: financial and fixed asset reporting; payroll; accounts payable · Accounting function: maintain the general and subsidiary ledgers; process and record all revenues and prepare general purpose financial statements in compliance with IFRSs · Accounting oversight and guidance to other internal departments to ensure the gaap, legal requirements, policies and procedures - all consistently applied to maintain the integrity of the financial records. · Management accounting - budgeting, performance evaluation, cost management, asset management
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 general financial management system provides real time summary record balances for specified queries?
General Accounting & Finance System-Base Level (GAFS-BL)
Which general financial management system provides real time summary?
General accounting and finance system base level (gafs-bl)
What does a subsidiary ledger show?
A subsidiary ledger provides detailed information about specific accounts that belong to a general ledger account. It breaks down the transactions and balances for individual components, such as accounts receivable, accounts payable, or inventory, allowing for better tracking and management of financial data. This detailed information supports the accuracy and transparency of the overall financial statements.
What financial statement changes on a daily basis?
none, a company cannot afford to make financial statements on a daily basis. Usually companies keep track of daily "changes" via a general ledger. When the company needs to create financial statements they post and close the general ledger temporary accounts and make trial balances, adjusted trial balances, closed trial balances and finally the financial statements such as Income statement, balance sheet, Statement of retained earnings, and finally a cash flow statement.
Is the cost accountant under the general accountant?
Cost accountant is part of Management Accounting. General Accountants are are mostly relevant to Financial Accounting
The minimum requirements for general purpose external financial reporting include what?
Management's Discussion & Analysis (MD&A)
What services does CapitalOne offer to business clients?
Capital One provides various financial services for businesses. These include credit cards, savings accounts, 410(k) plans, as well as general commercial banking and treasury management.
What does gmac stand for?
GMAC stands for General Motors Acceptance Corporation. After the reorganization of General Motors it was renamed Ally Financial and is a bank holding company that provides mortgages and car loans and other financial services.
Is the general ledger of a business started off from scratch each year?
No, the general ledger of a business is not started from scratch each year. Instead, it maintains a continuous record of all financial transactions over time, carrying forward the balances from previous years. At the beginning of a new fiscal year, the balances are typically rolled over to reflect the company's financial position, allowing for ongoing financial tracking and reporting. However, businesses may close their books for the previous year and prepare financial statements before starting a new accounting period.
What are the eight business functions?
general management purchasing production marketing public relations human resources administration financial
What is the difference between general purpose financial reports and special purpose financial reports?
General purpose financial reports are a common set of reports issued by most companies. Special purpose financial reports are specific reports related to individual events.
What type of careers are available with a business administration degree?
Individuals with degrees in business administration often work in the management field. They work in human resources, general management and financial management positions for various companies.
