Give examples of non financial information that users of accounting information often need?

What is accounting about?

Accounting is an information science. It is used in collecting, classifying, as well as manipulating financial data for individuals and organizations.

How can forensic accounting be explained?

Forensic accounting is a type of accounting used to investigate financial crimes such as fraud or embezzlement. The information found is often used in legal proceedings and trials.

Why accounting is called the language of business?

Because it communicates financial information, accounting is often called "the language of business." The information that a user of financial information needs depends upon the kinds of of decisions the user makers. The differences in the decisions divide the users of financial information into two broad groups: internal users and external users.

Cost accounting and financial accounting?

Financial accounting refers to the branch that prepared financial reports (known as financial statements) that are for general use. Primarily however, they are prepared for external users (owners, investors, government, suppliers, creditors). The goal of financial accounting is to provide financial statements that follow generally accepted accounting standards or GAAP. Cost accounting is the branch that focuses on manufacturing costs, i.e. direct materials, direct labor, and factory overhead. It is often considered part of management accounting, the branch that provides information for internal purposes and focuses on helping management make decisions instead of strictly complying with GAAP. Cost accounting deals with manufacturing concerns.

What is Financial information?

The financial information system enables you to run evaluations for the general ledger, accounts receivable, and Accounts Payable. The Financial Accounting application component is the primary database of the financial information system. This application is a central data pool that collects all accounting data from within an organization. The function of the financial information system is to evaluate this extensive database online and display the information on the screen in an easy-to-read form. Within the accounts receivable and payable information systems, you can analyze individual operational areas as often as you require. You can evaluate, among other things, payment history, cash discount history, currency exposure among customers and vendors, or aging reports.

What is financial information system?

The financial information system enables you to run evaluations for the general ledger, accounts receivable, and accounts payable. The Financial Accounting application component is the primary database of the financial information system. This application is a central data pool that collects all accounting data from within an organization. The function of the financial information system is to evaluate this extensive database online and display the information on the screen in an easy-to-read form. Within the accounts receivable and payable information systems, you can analyze individual operational areas as often as you require. You can evaluate, among other things, payment history, cash discount history, currency exposure among customers and vendors, or aging reports.

Accounting changes are often made and the monetary impact is reflected in the financial statements of a company even though in theory this may be a violation of the accounting concept of?

Consistency

The statutory and regulatory framework for accounting profession of Nigeria?

Regulation of accounting information is aimed at ensuring that users of financial statements receive a minimum amount of information that will enable them take meaningful decisions regarding their interest in a reporting entity. The bodies responsible for these regulations are often statutory agencies such as the Accounting Standards Board, Securities and Exchange Commission and the Stock Exchange. The bulk of this framework is usually contained in Accounting Standards. The Nigerian Accounting Standards Board is the body responsible for the issuance of Accounting Standards in Nigeria. This Board was initially an advisory body responsible for the production of standards that will serve as a guide to Accountants in the preparation of financial statements.

Why does Accounting often intimidate people?

Many people find accounting difficult. They may have taken a course and had trouble in it. They may also know people who have studied for, and taken the notoriously difficult Certified Public Accounting exam. It has a typical pass rate between 40% and 50%. Certain areas of accounting, such as US Federal Income Taxes, and financial reporting for derivatives, are absurdly complex. Finally, when most people encounter accounting information, its either in their own tax returns and in corporate financial statements. Both are densely complex and difficult for non-accountants to understand.

Where can I get an accounting course?

Accounting is the process of measuring, processing, and communicating financial information about economic entities such as businesses and corporations. An Accounting course typically covers the fundamental principles, concepts, and techniques used in accounting to record financial transactions and prepare financial statements. Topics covered in an accounting course may include financial statement analysis, bookkeeping, taxation, cost accounting, auditing, and managerial accounting. Graduates of an accounting course can pursue careers in various fields such as public accounting, corporate accounting, government accounting, or nonprofit accounting. Why Learn Accounting Course? Career Opportunities: Accounting is a fundamental component of every business and organization, and as such, there is always a high demand for skilled accountants. Completing an accounting course can open up a variety of career paths in fields such as public accounting, corporate accounting, government accounting, or nonprofit accounting. Financial Literacy: Accounting helps individuals develop a deeper understanding of financial concepts such as income, expenses, profits, and losses. This can enable them to make better financial decisions both in their personal and professional lives. Entrepreneurship: For individuals interested in starting their own business, accounting skills are essential for maintaining accurate financial records and managing cash flow. Professional Development: Accounting courses can help individuals develop critical thinking, analytical, and problem-solving skills that are highly valued in today's job market. Competitive Advantage: Employers often seek candidates with accounting skills, as they are a valuable asset to any organization. Learning accounting can give individuals a competitive advantage in the job market, and it can also help them advance in their current careers. Benefits of Accounting, Taxation & GST Financial Management: Accounting provides a systematic way of recording financial transactions, maintaining financial records, and preparing financial statements. This helps individuals and businesses better manage their finances, make informed decisions, and plan for the future. Tax Compliance: Taxation is an essential component of any business, and compliance with tax laws is mandatory. Understanding taxation can help individuals and businesses meet their tax obligations, minimize their tax liabilities, and avoid penalties for non-compliance. Business Growth: Accounting and taxation can help businesses identify areas of growth, assess their financial health, and develop strategies to improve their profitability. This includes monitoring revenue and expenses, analyzing financial ratios, and preparing financial forecasts. Regulatory Compliance: Goods and Services Tax (GST) is a value-added tax that is levied on the supply of goods and services. Compliance with GST laws is mandatory for businesses that meet certain criteria. Understanding GST can help businesses comply with the law, claim input tax credits, and avoid penalties for non-compliance. Investment Decisions: Accounting and taxation can help individuals and businesses make informed investment decisions by providing financial information about potential investment opportunities. This includes assessing the financial health of companies, analyzing financial ratios, and preparing financial forecasts. Job Opportunity in Accounting There are many job opportunities available for individuals with an accounting background. Some of the most common job titles in the accounting field include: Accountant: An accountant is responsible for preparing financial statements, maintaining financial records, and ensuring compliance with tax laws and regulations. Auditor: An auditor is responsible for reviewing financial statements, internal controls, and accounting systems to ensure accuracy and compliance with accounting standards and regulations. Tax Accountant: A tax accountant specializes in tax preparation, tax planning, and compliance with tax laws and regulations. Financial Analyst: A financial analyst is responsible for analyzing financial data and providing insights to help organizations make informed business decisions. Bookkeeper: A bookkeeper is responsible for recording financial transactions, maintaining financial records, and preparing financial reports. Budget Analyst: A budget analyst is responsible for developing and managing budgets for organizations and providing financial analysis to support decision-making. Controller: A controller is responsible for managing the accounting department of an organization, overseeing financial reporting, and ensuring compliance with accounting standards and regulations. Forensic Accountant: A forensic accountant is responsible for investigating financial fraud, embezzlement, and other financial crimes.

Which group uses accounting information to determine whether the company's net income will result in a stock price increase?

Investors and analysts use accounting information to assess a company's financial performance, including its net income, to predict potential stock price movements. By analyzing earnings reports, financial ratios, and trends, they evaluate the company's profitability, growth prospects, and overall financial health. This information helps them make informed decisions about buying, holding, or selling stock, as an increase in net income often signals a positive outlook that may drive stock prices higher.

Why do you need to study accounting?

Simply put, Accounting is the language of business. It is the means by which relevant and reliable financial information can be communicated to the users who can analyze that information to make business decisions. Think of all of the different groups of people that use financial information. Current and potential investors analyze a firm's financial statements to determine growth potential, how effectively a firm has been using its resources, how profitable it is, etc. Similarly, creditors use them to determine how liquid a firm is (how likely it is that the firm can meet its short-term obligations). Managers use different financial information to make decisions about various costs to the firm. Furthermore, Accountancy allows firms to analyze the tax impacts of their various business decisions. Even if you do not choose to accounting as a course of study, you will very likely need to be able to use information prepared by accountants if you find yourself in any position in which you are required to make business decisions. That is not to say that financial information is the only factor that should influence your decisions; but it is a tool that it often works to your advantage to use.